D-9.2 - Act respecting the distribution of financial products and services

Section 11.2 Disposition versions

2021-12-08

11.2. The following persons are not mortgage brokers when they engage in a mortgage brokerage transaction:

(1)  advocates, notaries, chartered appraisers, liquidators, sequestrators, trustees in bankruptcy and trustees, provided they engage in such a transaction in the exercise of their functions;

(2)  members in good standing of the Ordre professionnel des comptables professionnels agréés du Québec;

(3)  persons employed by or acting for a hypothecary creditor, provided they engage in such a transaction only for that creditor or for a financial institution that belongs to the same financial group as that creditor;

(4)  (subparagraph repealed);

(5)  a person who is a member in good standing of a professional order or who is governed by an Act administered by the Autorité des marchés financiers who only gives a client the name and contact information of a person or partnership offering loans secured by immovable hypothec or otherwise merely puts them in contact with each other, provided the member or person does so as an ancillary activity.

The expression “financial group” has the meaning assigned to it by section 147.

2018, c. 23, s. 513; 2021, c. 34, s. 57.

2020-05-01

11.2. The following persons are not mortgage brokers when they engage in a mortgage brokerage transaction:

(1)  advocates, notaries, chartered appraisers, liquidators, sequestrators, trustees in bankruptcy and trustees, provided they engage in such a transaction in the exercise of their functions;

(2)  members in good standing of the Ordre professionnel des comptables professionnels agréés du Québec;

(3)  persons employed by a hypothecary creditor, provided they engage in such a transaction in the course of their principal occupation and only for that creditor;

(4)  employees and exclusive representatives of an insurer, bank, deposit institution authorized under the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2) or trust company authorized under the Trust Companies and Savings Companies Act (chapter S-29.02), when acting on behalf of their financial institution or of another financial institution that is part of the same financial group, in the context of a brokerage transaction relating to a loan secured by immovable hypothec; and

(5)  a person who is a member in good standing of a professional order or who is governed by an Act administered by the Autorité des marchés financiers who only gives a client the name and contact information of a person or partnership offering loans secured by immovable hypothec or otherwise merely puts them in contact with each other, provided the member or person does so as an ancillary activity.

The expression “financial group” has the meaning assigned to it by section 147.

2018, c. 23, s. 513.