By Sean Delaney
Bill 200 has passed. Also known as the Homeowner Protection Act, 2024. This legislation bans the registration of Notices of Security Interest (NOSIs) on homes for items like hot water heaters and furnaces. This bill is intended to protect the community, especially seniors, from predatory practices.
For years, companies have preyed on unsuspecting homeowners, particularly seniors, by secretly registering NOSIs on their properties for consumer goods. This practice often led to homeowners facing unexpected and hefty charges when they tried to sell their homes. Diligent efforts of MPP Tom Rakocevic and the bipartisan support in the legislature saw Bill 200 passed, effectively putting an end to this exploitative practice in the future and annulling all existing NOSI registrations. The legislation also includes a 10-day cooling-off period for purchases of newly built freehold homes, providing additional protection to consumers against rushed or pressured decisions.
The impact of this bill extends beyond just individual homeowners. By eliminating the registration of these frivolous liens, the bill helps maintain the integrity of property markets and ensures that the value of our homes remains protected. This is especially important as climate change continues to affect our communities and businesses. With more extreme weather events and other climate-related challenges, homeowners already face enough uncertainty without having to worry about hidden financial traps.
Rakocevic said, “I have heard from so many residents who were victimized by these outrageous scams. There were 58,000 of these predatory liens registered against unsuspecting Ontario homeowners last year alone, with NOSIs estimated to be over 1 billion dollars today. Some homeowners were facing over $100,000 against their property, causing serious financial and emotional harm. I am proud that the government agreed with me that the only way forward was to wipe out all current residential NOSIs and stop them from ever being registered again. The unanimous passing of this legislation comes as a great relief to homeowners and represents a massive win for Ontarians against scammers and organized criminals
On behalf of the Emery Village Voice, I extend our heartfelt thanks to MPP Tom Rakocevic and all those involved in making this crucial legislation a reality. Your efforts have made a lasting positive impact on our community. Let’s continue to support and protect each other, ensuring Emery Village remains a safe and thriving place for all its residents.