Definition
The Act Respecting the Distribution of Financial Products and Services (LDPSF) is the Quebec framework law governing mortgage brokerage, insurance, securities (in part), and scholarship plans. It is administered by the Autorité des marchés financiers (AMF).
For mortgage brokers ('représentants en courtage hypothécaire' under the Act), the LDPSF requires: (1) obtaining an AMF certificate, renewed annually, (2) mandatory continuing education, (3) affiliation with an AMF-registered firm, (4) strict disclosure rules for conflicts of interest and compensation, and (5) duty to act in the client's best interest.
Any consumer can verify whether a broker is duly authorized on the AMF's public registry, accessible online. An unregistered broker practicing mortgage brokerage commits a penal offense.