Mortgage Brokerage Regulatory Framework in Quebec
Who regulates whom
Mortgage brokerage in Quebec sits at the intersection of federal and provincial law. The AMF administers the Loi sur les courtiers hypothécaires and its regulations; it licenses firms and individual representatives, sets minimum training and ethics requirements, and supervises conduct. Federally, OSFI supervises banks and insurers, while the Loi sur le courtage immobilier is not your statute - do not confuse real-estate brokerage with mortgage brokerage. FINTRAC adds anti-money-laundering duties (client identification, recordkeeping, suspicious-transaction reporting).
Core concepts
Know the licensing categories (firm licence, representative, and the restricted scope of anyone who merely refers clients), the distinction between acting for a lender versus acting for a borrower, and the disclosure duties triggered by conflicts of interest. Understand that a brokerage firm's licence is distinct from a representative's certificate, that representatives must be attached to a licensed firm, and that compensation may not be paid to unlicensed persons for arranging loans.
Traps
Questions often test whether a referral fee to an unlicensed third party is permitted (it generally is not if it rewards loan placement), whether an out-of-province broker needs an AMF licence to solicit Quebec consumers (yes, if the client is in Quebec), and whether a representative may also act as a lender on the same file (only with full written disclosure and consent - often prohibited). Another classic trap: assuming federal banking rules override provincial conduct rules. They do not; both apply.
Rule of thumb
When unsure, ask: Who is my client, who pays me, and does the client know both answers in writing? If any answer is unclear, disclose and document before proceeding.