The AMF’s supervision of mortgage brokerage will affect the situation of mortgage brokers practising in a business corporation which they control.

Changes in the rules governing remuneration

Effective May 1, 2020, for remuneration to be paid to a business corporation which you control, you must register the corporation with the AMF as a mortgage brokerage firm.

Only a firm registered with the AMF in the mortgage brokerage sector may receive remuneration that is contingent on the making of a loan secured by immovable hypothec. Such a firm could also receive a share of a commission from another firm.

Find out more about the sharing of commissions.

Your business corporation wishes to register as a firm

Actions to be taken before April 20, 2020

You may apply now to register the business corporation which you control as a firm.

To do so, you must complete and send the application form (pdf - 74 KB)This link will open in a new windowUpdated on 30 March 2020 to formulaire d’adhésion to courtage.hypothecaire@lautorite.qc.ca by April 20, 2020. Following receipt of the form, the corporation will be automatically registered as of May 1, 2020.

Actions to be taken as of May 1, 2020 only

At the beginning of May 2020, the AMF will send you a maintenance of registration form for your firm.

You will then have to take the following steps to maintain your firm’s registration:

  • Complete the firm maintenance of registration form before July 1, 2020 and satisfy the other administrative obligations. Refer to the Transition and steps to take web page to find out more.
  • Pay the annual maintenance of registration fees ($96 for each representative in the mortgage brokerage sector and $100 per representative for the contribution to the Fonds d’indemnisation des services financiers)
  • Ensure you have liability insurance in the firm’s name

Conditions for registration as a firm with the AMF

A corporation that wants to register as a firm in the mortgage brokerage sector must act through at least one mortgage broker. Therefore, you will be attached to the firm as a mortgage brokerage representative. As set out in the legislation, you may be attached to more than one firm.

The corporation must also appoint a responsible officer who meets the requirements prescribed by regulation.

If you are an executive officer of a mortgage agency or a chartered mortgage broker: You will automatically become the responsible officer of the mortgage brokerage firm. Refer to the Transition and steps to take web page to find out more. You will also have to complete professional development activities in order to meet the AMF’s requirements.

If you are not an executive officer of a mortgage agency or a chartered mortgage broker: You have one year to pass the examination pertaining to the skills that must be possessed by a responsible officer. We invite you to review the conditions for being appointed the responsible officer of a firm.

Lastly, for additional information about the regulatory obligations applicable to a firm, please refer to the Registrant Governance and Compliance Guide (pdf - 6 MB)This link will open in a new windowUpdated on 14 March 2018Registrant Governance and Compliance Guide.

Your business corporation does not wish to register as a firm

If you do not wish to register your business corporation as a firm, no further action on your part is required.

However, if you do not register as a firm, you will no longer be authorized to carry on mortgage brokerage activities and receive or share mortgage brokerage commissions through that corporation as of May 1, 2020.