Bill 96: What impact is it having on the Quebec mortgage industry?
Recent amendments to Quebec’s Bill 96, a law limiting the use of English in certain settings in the province, have generated plenty of headlines – but how has the legislation affected the mortgage industry?
Among the much-discussed changes that came into play on June 1 included the stipulation that adhesion contracts – non-negotiable documents drafted by a single party – must be presented in a French version before being signed in English.
Franchise agreements, terms of service, and insurance policies are just some of the contract types impacted under the changes.
The new legislation has been highly publicized – but has had little to no impact on the mortgage market as a whole, according to a prominent mortgage broker based in Quebec.
Ryan La Haye (pictured top), of Planiprêt – Groupe RLH, told Canadian Mortgage Professional that despite the media furore, his clients had experienced no difficulties as a result of the amendments.
“Bill 96 has been really overblown here in Quebec in my opinion,” he said. “I oversee over 1,300 mortgage transactions here in the province directly through my team. About 20% of those are English. Total impact: none. Total English clients worried or concerned about the legislation: none.”
Political tensions in the province are often whipped up by the media, La Haye added. “That’s not to say that some misplaced individuals here in Quebec abuse the law and English-speaking Quebecers pay the price,” he said, “but all in all, on the mortgage front I don’t believe any impact will be seen.”