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.
Remuneration, commission sharing and client referrals
Currently, the rules relating to remuneration apply to certified representatives and persons registered with the AMF in accordance with the Act respecting the distribution of financial products and services This link will open in a new window.
An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions (S.Q. 2018, c.23) will apply as of May 1, 2020, resulting in many changes. One of those changes, the integration of mortgage brokers, will the subject of an in-depth examination of the general rules as well as more specific matters pertaining to remuneration, commission sharing and client referrals.
Throughout the analysis period, the AMF will keep industry representatives informed of the progress being made on the draft regulations, including the public consultation process that will be launched in 2019.