A new law that took effect in Ontario this week aims to crack down on predatory lending schemes that target homeowners, particularly seniors.Todd McCarthy, minister of public and business service delivery, says: 'We consulted in the fall of 2023 across the spectrum, individual families, elderly citizens who had been victimized by this terrible fraud of misuse of NOSIs. The deception and organized criminal activity associated with it was unacceptable.
"There are times when ideas that are matters that require our urgent attention must be dealt with swiftly. This is one such time." A NOSI is a legal tool — similar to a lien — that puts a financial claim against property titles in Ontario. They are often used by companies that finance or lease equipment such as water heaters or furnaces,to ensure payment.
"Litigation is an improvement because it means that there is an impartial third party who will oversee the legitimacy of the claim. But this will only work if the homeowners defend the claim." Irons said she has spent years fighting for provincial action. She first told the family's story to CBC Marketplace last year.Ontario minister says help is on the way for homeowners stuck with 'fraudulent' liens