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Mortgage Brokers' Advisory Committee

Terms of Reference

Type:
Standing Committee

Membership:
Two council members - one council member appointed by the Alberta Mortgage Broker Association (AMBA) who will be committee chair; and one council member who will be committee vice chair and is from an industry sector other than mortgage brokerage.
Three industry members authorized to deal in mortgages; specifically the president and two directors of AMBA .
One industry member authorized to deal in mortgages, appointed by RECA, who is not a member of AMBA
One member of the public – Council will have the discretion to appoint a member of the public to this committee

Ex Officio Members:
Ex-officio members of the committee are the RECA Chair and Executive Director

Resources:
RECA Resources: Deputy Executive Director
Industry Resources: Executive Director of AMBA

Mandate:
The mandate of this committee is to provide advice to council on regulatory issues in the mortgage brokerage sector. The tasks of the committee are:

• to identify, research and discuss emerging issues related to the mortgage brokerage sector affecting industry members and consumers;
• to make recommendations to council with respect to its responsibilities under the Real Estate Act related to the mortgage brokerage sector; topic areas include the Real Estate Act and Rules, licensing and education standards, standards of conduct, industry practices, accounting and reporting requirements;
• at the request of council; the committee may be assigned specific projects which could include issues research, preparation of discussion papers, consultations or development of specific recommendations for council’s review and consideration;  and
• to meet at least once a year;  however, it being understood meetings of sub-committees may be held to assist the committee in achieving its mandate.

The establishment of this committee does not affect the responsibility of the Executive Director to provide information, advice and recommendations upon his or her own initiative, or upon the request of council, on matters before council affecting the regulation of the mortgage brokerage industry.

Term:

November 1st – October 31st; appointment of individuals to this committee, other than the AMBA appointees, will be made by the Chair of Council;  an individual other than a member of Council, can serve up to three two-year terms.