In order to deal in mortgages in Alberta, an individual requires a licence and registration certificate from the Real Estate Council of Alberta (RECA) for a specific brokerage. Together, these two items are the authorization required to deal in mortgages. The licence is for a period of three years from the last date of registration with RECA. Industry members are required to renew their registration prior to September 30 each year. For more information about the annual renewal process, click here.
The licence of individual mortgage broker industry members is valid for a period of 36 months following the date on which they cease to be registered with a brokerage, unless the licence was cancelled. If a licensed, but unregistered, industry member wishes to register with a brokerage, that industry member must make application to RECA prior to the expiration of the 36-month period. If RECA receives an application after this time period, the applicant will have to meet all the requirements of a new industry member.
In addition, the industry member must complete any Re-licensing Education Program requirements from the period during which the industry member was not registered with a brokerage.
If the industry member has not been registered for a period of one year or more (from the last date of registration), he or she is required to obtain a certified criminal record check in order to re-enter the industry. For more information on the process for obtaining a certified criminal record check, please click here.