Changes to the way mortgage brokerages are regulated in Quebec is under discussion in the province.
The regulator of financial services in Quebec, Autorité des marchés financiers (AMF), has published its draft regulations relating the supervision of mortgage brokerages and is asking for comments from stakeholders.
AMF will assume mortgage brokerage supervision in the province from May 1, 2020, and mortgage agencies and mortgage brokers that are currently holders of a licence issued by the Organisme d'autoréglementation du courtage immobilier du Québec (Organization) will be required to carry on their activities in accordance with the Distribution Act and its regulations.
The changes will see mortgage brokerages subject to the same framework that current exists for other sectors governed by the Act.
The proposals
The AMF proposals are:
- Regulation to amend the Regulation respecting the issuance and renewal of representatives' certificates;
- Regulation respecting the compulsory professional development of mortgage brokers;
- Regulation to amend the Regulation respecting the registration of firms, representatives and independent partnerships;
- Regulation to amend the Regulation respecting the pursuit of activities as a representative;
- Regulation to amend the Regulation respecting firms, independent representatives and independent partnerships;
- Regulation to amend the Regulation respecting alternative distribution methods;
- Regulation to amend the Regulation respecting the keeping and preservation of books and registers;
- Regulation to amend the Regulation respecting fees and contributions payable;
- Regulation to amend the Regulation respecting information to be provided to consumers.
Your views
There will be a public information session later this month and AMF is also asking for feedback from stakeholders.
The information session will be held on Friday, October 18, 2019, from 9.30am-12.45pm at Palais des congrès de Montréal and the session will also be broadcast live over the Internet.
Comments can be posted via the AMF website.
