Brokers (Intermediaries)

If you are doing activity including "active engagement" of Dealing, Trading, Soliciting, Marketing, Presenting Documents or Discussion Projections; Transferring Private Information or Confidential belonging to third parties, and related "activity" for real estate secured financial investments, then:

• Short Answer "yes, you need to be licensed" as an individual in the province where the activity is being done; even if you are licensed in a different province and even if your COMPANY or BROKERAGE is licensed in the subject province. Licensing is based on an individual level (sub-broker or agent), not an organization level.

Example 1:

• Suppose you live in British Columbia (BC) and you are asked to find a mortgage lender for a resident of Alberta.

• Further suppose that you are licensed in British Columbia under your Brokerage Firm.

• Further suppose that your Brokerage firm is licensed in Alberta but you, as an individual person, is NOT licensed in Alberta.

• According to this MQCC™ "DO YOU NEED A LICENSE" LOOKUP Tool™: "YES" you would need to be licensed in Alberta to actively engage or participate in a mortgage transaction.

Example 2: 

• Suppose you live in BC and you want to help your friend arrange a mortgage.

• According to this MQCC™ "DO YOU NEED A LICENSE" LOOKUP Tool™: "YES" you would need to be licensed in BC to actively engage or participate in a mortgage transaction.

CAUTION:

MQCC Rule of Thumb for Mortgage Broker Licensing; BE LICENSED IN EVERY PROVINCE WHERE YOUR INVESTOR INVESTS IN; YOUR BORROWER LIVES IN; YOUR LENDER LENDS IN™.

This website and webpage is not legal, regulatory or conformity advice; ask your lawyer or regulatory officer or Chief Conformity Officer (CfCO™).

MQCC™ is not responsible for broker hyperlinks or source information that may be "out of date" or no longer valid. Please seek professional advice. This Tool is for information purposes only.

Alberta: 

• Short Answer "yes, you need to be licensed" 

• Long Answer: Click this Link Originally Published at the Regulator's Office, now hosted by MQCC™.

• Original Title of Document: MQCC™ SAFER™ Private Finance - Alberta Regulator - Reciprocity of Licensure - April-2017-Regulator-1.pdf

Other articles:

•  Labour Mobility Policy

• Dealing in Mortgages - Jurisdiction

• Requirement to hold a licence

British Columbia 

• Short Answer "yes, you need to be licensed" 

• Long Answer: Click this Link Originally Published at the Regulator's Office, now hosted by MQCC™.

• Original Title of Document: Licensing Recipocity (sic) for Current Licensees in Other Provinces

• Original Hyperlink - no longer working: http://www.fic.gov.bc.ca/pdf/mortgagebrokers_registered/licrec.pdf

• Requirement to hold a licence

Saskatchewan

• Short Answer "yes, you need to be licensed" 

• Long Answer: Click this Link 

• Original Title of Document: Licensing applications for Mortgage Associates currently licensed in other jurisdictions

• Original Hyperlink: https://fcaa.gov.sk.ca/regulated-businesses-persons/persons/mortgage-associates#jurisdictions

• Requirement to hold a licence

Ontario

• Short Answer "yes, you need to be licensed" 

• Long Answer: Click this Link

• Original Title of Document: Are you licensed as a mortgage broker or mortgage agent in another province or territory?

• Original Hyperlink: https://www.fsco.gov.on.ca/en/mortgage/Licensing-Registration/Pages/MB_already_lic_another_prov.aspx

• Requirement to hold a licence

Quebec

• Short Answer "yes, you need to be licensed"

• Long Answer: Click this Link Originally Published at the Regulator's Office, now hosted by MQCC™.

• Original Title of Document: Brokers from other provinces - Everything you need to know to practice in Québec

• Original Hyperlink: http://www.oaciq.com/en/pages/brokers-from-other-provinces

• Requirement to hold a licence

Other Canadian jurisdictions

email info@mqcc.org to learn.
 

OSC - Ontario Securities Commission

IIROC - Investment Industry Regulatory Organization of Canada

RECA - Real Estate Council of Alberta

RECBC - Real Estate Council of British Columbia

RECM - Real Estate Council of Manitoba

RECO - Real Estate Council of Ontario

RIBO - Registered Insurance Brokers of Ontario

BCFSA - BC Financial Services Authority

MFDA - The Mutual Fund Dealers Association of Canada

SFSC - Saskatchewan Financial Services Commission

OACI - Organisme d'autoréglementation du courtage immobilier du Québec.

MBSC - Manitoba Securities Commission

FCNB - The Financial and Consumer Services Commission of New Brunswick

This is NOT a complete list.