Mr. Declan Reid:

It is worth noting the CCMA, code of conduct on mortgage arrears, covers a process to the extent that certain steps have been taken prior to this legislation being enacted. If a lender tries to take an action once the Bill has been enacted, often times that action will require precedent actions to have been taken. Accordingly, they will have to still comply with whatever precedent actions were required to take the action they are proposing under the CCMA.