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RE Mandatory for Licence Renewal
As a licensed broker or agent, including principal brokers and agents employed by finance companies, you must complete the approved RE course to renew your licence on March 31, 2012. You will not be able to renew your 2012 licence unless you complete this course. Without a valid licence, you cannot deal or trade in mortgages.
About the RE Course
The mandatory RE course for licence renewal follows extensive consultation with mortgage broker stakeholders. The MB Re-licensing Education 2012 course is the Superintendent-approved mandatory RE for licence renewal in 2012, as provided by section 9 of Ontario Regulation 409/07, Mortgage Brokers and Agents: Licensing.
The course will provide brokers and agents with information on how to comply with disclosure and other requirements in the Mortgage Brokerages, Lenders and Administrators Act, 2006 and regulations. The course will be no longer than 5 hours. It will available in November 2011 through education providers approved by the Superintendent of Financial Services, FSCO.
FSCO will provide you with more information about registering for the course, once course providers have been approved.
Note for Principal Brokers
As a principal broker, you are also responsible for ensuring that brokers and agents in your brokerage complete the MB Re-licensing Education 2012 course as a pre-condition of their 2012 licence renewal. You should inform brokers and agents of the new requirement and how to comply, and follow up with reminders before the licence renewal period begins February 1, 2012. Brokerages with low levels of compliance with the law may be subject to further review by FSCO.