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Albert Collu: Mandatory re-licensing education in Ontario

Albert Collu, president of Argentum Mortgages, discusses Ontario's mandatory re-licensing education course, which will begin Nov. 1 and what it will mean for brokers in the province.  To be completed by March 31, 2012, the course will bring Ontario mortgage brokers and agents in line with counterparts in Alberta and British Columbia. They already submit to similar education requirements as a condition for license renewal and billed as a way of improving compliance with provincial laws on mortgage brokering.

Video transcript below:

Albert Collu, President, Argentum Mortgages

What is re-licensing and why is it necessary?

Recently FSCO invited four parties to the table to discuss re-licensing education for the next renewal period on March 31st, 2012 for Ontario agents and brokers.  Those four parties have been given a general outline in terms of what the curriculum must consist of and it’s now the responsibility of those four parties to come back to FSCO in August to submit their proposals and the curriculum if you will for approval.  Once those four bodies or entities are approved from FSCO, the course will be delivered as early as late October but probably early November.  This course is definitely compulsory, it’s mandatory we must all have it by the next renewal period as I discussed which is March 31, 2012.  There will be a bit of a grace period there but it is essentially in a tight time frame.  We you know in terms [AMBA] are completely sold on the idea that it is incredibly important to have a refresher course if you will to remind us of the compulsory items as they relate to compliance and regulation because the industry has really changed dramatically over the last two years so we welcome this and we are going to look forward to delivering the course of to our members and non-members across Ontario.