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MCOB 11A.2 Prohibition on cancellation or variation of MCD regulated mortgage contract on grounds of creditworthiness

MCOB 11A.2.1 R RP

An MCD mortgage lender must not cancel, or vary the terms of, an MCD regulated mortgage contract to the detriment of the consumer on the grounds that the assessment of affordability was incorrectly conducted or the information provided by the consumer prior to the agreement of the MCD regulated mortgage contract was incomplete. However, this does not apply where the MCD mortgage lender can demonstrate that the consumer knowingly withheld or falsified information relevant to the assessment of affordability of the MCD regulated mortgage contract.

[Note:articles 18(4) and 20(3) of the MCD]