On June 13, 2018, Bill 141 was adopted and assented to by the National Assembly. In particular, this bill provides for the integration, in May 2020, of mortgage brokers as new registrants under the supervision of the AMF.
Licensed real estate agencies and full-service real estate brokers who want to pursue mortgage brokerage activities beyond May 1, 2020, must simply notify the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ This link will open in a new window) by August 1, 2019. Their files will then be automatically transferred to the AMF. No action needs to be taken directly with the AMF for licence transfers.
Holding two licences – May 1, 2020
As of May 1, 2020, brokers and agencies that have notified the OACIQ of their intention to pursue mortgage brokerage activities will hold two licences: a real estate brokerage licence (with the OACIQ) and a mortgage brokerage licence (with the AMF).
Continuing education program
The OACIQ’s mandatory continuing education program remains in effect until May 1, 2020. The AMF will provide timely information about the changes that will apply as of May 1, 2020 as well as transitional measures.
Training, examination and licensing
From now until May 1, 2020, candidates who want to work in the mortgage brokerage field must contact the OACIQ. Transitional measures will be communicated in due course to candidates who, on May 1, 2020, will be in the process of completing their training. From that date on, the AMF will be responsible for the entire process.
The AMF will communicate information related to the integration of mortgage brokers under its supervision as it becomes available.