In Quebec, mortgage brokers are regulated by the Autorité des Marchés Financiers. They have several obligations to respect in order to offer professional, ethical services that comply with the regulations in effect.
Here are some of the main obligations:
1. Licensing and Education: Mortgage brokers must hold a valid license issued by the AMF and undergo continuing education.
2. Compliance with Laws and Regulations: Mortgage brokers are required to comply with applicable laws and regulations, including the Real Estate Brokerage Act and AMF Regulations.
3. Disclosure: Mortgage brokers must inform and advise their clients in an objective and transparent manner. They must disclose all relevant information about the mortgage, including terms, interest rates, fees and penalties, if any.
4. Fair Representation: Mortgage brokers must represent the interests of their clients in a fair manner, ensuring that they obtain the best possible terms for the mortgage.
5. Confidentiality: Mortgage brokers must protect their clients’ confidential information and may only disclose it with their consent or as required by law.
6. Conflicts ofInterest: Mortgage brokers must avoid conflicts ofinterest and place their clients’ interests ahead of their own or those of others.
7. Record Keeping: Mortgage brokers are required to keep complete and current records for each transaction, as required by the AMF.
8. Professional Liability: Mortgage brokers must carry professional liability insurance to protect their clients in the event of fault or negligence.
9. Cooperation with the AMF: Mortgage brokers are required to cooperate with the AMF in the event of an investigation,inspection or complaint.
10. Code of Ethics: Mortgage brokers must comply with the AMF Code of Ethics, which sets out the professional and ethical standards to be followed in the performance of their duties.
These obligations are designed to protect consumers and maintain a high level of professionalism and ethics in the mortgage brokerage industry in Quebec.