Mortgage Broker Industry Council

On December 1, 2020, the Real Estate Amendment Act 2020 came into force, creating a new governance model for RECA, including a Board of Directors and four industry-specific Industry Councils.

RECA Industry Councils

There are four Industry Councils, one for each of the specific sectors within the industry. These are:

  • Mortgage Broker Industry Council
  • Residential Real Estate Broker Industry Council
  • Commercial Real Estate Broker and Commercial Property Manager Industry Council (includes rural/agri-business)
  • Residential Property Manager Industry Council (includes condominium management)

Each Industry Council is comprised of two members of the public appointed by the Minister of Service Alberta, and three licensees from that particular sector, elected by other licensees from that sector. The purpose of each Industry Council is to set and enforce standards of conduct for licensees and the business of licensees in order to protect consumers and promote the integrity of the industry, and to administer the Real Estate Act, the Regulations, the Bylaws, and the Rules. Each Industry Council may establish rules setting out the conditions for a person to become and remain a licensee of their particular industry sector, including the minimum standards for conduct and education requirements.

Industry Council members are appointed for 3-year terms, and can serve 2 terms consecutively. Section 7.1 of the Real Estate Act outlines the composition of the Industry Councils.


The Mortgage Broker Industry Council Wants to Hear From You!

The Mortgage Broker Industry Council is the body that sets the licensing requirements and standards of practice for the mortgage broker industry. If you work as a mortgage broker, we want to hear from you! Read on to see where you can take part in the regulation of your industry.

Informing RECA’s Strategic Direction
The feedback the Industry Council receives from mortgage stakeholders will inform the strategic planning process the Board of Directors will undertake later in 2021, resulting in a comprehensive and informed Strategic Plan for the coming years. If you want the mortgage trends and issues you see in your day-to-day business to be considered in our strategic planning process, we need to hear from you.

To directly provide your thoughts on RECA’s future strategic direction, go to our Strategic Planning page and let us know what you think! Make sure to enter your thoughts in the Mortgage Broker Industry Council field.

 

Engagement Opportunities with the Mortgage Broker Industry Council

Online Engagement Session – May 27, 2021 – 9 a.m. MT
You are invited to participate in an online engagement session with the Mortgage Broker Industry Council on May 27, 2021. This session will be hosted by the Industry Council Chair and held on Zoom. It will include an explanation of how the Industry Council operates within RECA’s new governance structure, an update from the Industry Council, an outline of Industry Council priorities, and will provide an opportunity for stakeholders to ask questions. Register no later than May 26, 2021 at the link below to attend. We look forward to seeing you there!

REGISTER HERE

Industry Council Email 
An email address has been created for stakeholders to contact the Mortgage Broker Industry Council. By sending emails to MortgageIC@reca.ab.ca, stakeholders can reach out to the Industry Council directly, and outside of specific consultations or other formal engagement opportunities.

Industry Council Webpage
Bookmark the Mortgage Broker Industry Council webpage at reca.ca/mortgageIC. Through this page stakeholders can access all Industry Council meeting agendas and minutes, a list of Industry Council Members, a list of Industry Council engagement opportunities, a list of past engagement activities, and any articles, consultations, or other communications from the Industry Council. The page will be updated regularly.

Consultations and Focus Groups
The Industry Council may direct RECA to consult on certain topics prior to making decisions. Stakeholders will be notified of all consultation opportunities through direct email, the Regulator newsletter, social media, and the RECA website.

The Mortgage Broker Industry Council will also host a Broker Forum and other informal groups to discuss the latest regulatory issues they are seeing day-to-day. If you are a managing broker or a broker delegate and have interest in attending these formal meetings with RECA, please email MortgageIC@reca.ab.ca.

 

Stakeholder Engagement Policy

Stakeholder engagement is a clear priority for RECA. At its March 5 meeting, the Board of Directors approved a Stakeholder Engagement Policy that sets the framework for why, how, and with whom the Board, the Industry Councils, and RECA Administration engages. Engagement will be timely, consistent, equal, meaningful, and transparent. This policy is to ensure you have the opportunity to have your voice heard by the Board and Industry Councils, and directly participate in the regulation of your industry.


Gord Appel (Chair)
Elected by mortgage broker licensees

Paul Bojakli (Vice Chair & Board Member)
Elected by mortgage broker licensees

Clarence Lee
Elected by mortgage broker licensees

Nkem Onyegbula
Appointed by the Minister of Service Alberta from the public

Guy Ouellette
Appointed by the Minister of Service Alberta from the public



Meeting
May 5, 2021 Agenda
March 23, 2021 Agenda
February 9, 2021 Agenda Minutes
December 11, 2020 Agenda Minutes

 



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