Rights of consumers or obligations of businesses:

- A mortgage broker or lender must hold a permit to operate in Nova Scotia, and must meet certain criteria to qualify for the permit.

- Misleading advertising by a lender or a broker is not permitted.

- Mortgage details, such as amount, term and interest rate, must be disclosed prior to a consumer signing the contract.

- Prepayment terms of a mortgage must be disclosed, otherwise an assumed right to prepay exists.

- A mortgage borrower must be given a copy of the mortgage.

- A mortgage borrower has the right to receive an annual statement that describes the current status of the mortgage.

-An amortization table must be provided to the borrower that shows the amount of principal and interest that is paid with each payment and the amount of principal outstanding after each payment.

Please refer to the Act and regulations if you need a complete description of consumer rights.