Regulatory Statement

Purpose

This Regulatory Statement (Statement) sets out how the Superintendent of Mortgage Services (Superintendent) will address conditions and restrictions imposed on a person’s registration under the Mortgage Brokers Act (MBA) when they transition to being licensed under the Mortgage Services Act (MSA).

This Statement comes into effect on October 13, 2026, when the MSA comes into force.

Background information

Under the MSA, conditions and restrictions on a licence are an important regulatory tool used to ensure consumer protection. Section 20 of the MSA gives the Superintendent the authority to impose, vary, or remove conditions and restrictions on a licence.

Similarly, under the MBA the Registrar¹ had the authority to place conditions and restrictions on a person’s registration. Under s. 4 of the MBA, the Registrar could attach any terms, conditions, or restrictions that were considered necessary when granting or renewing a registration.

Overview

As part of the transition from the MBA to the MSA, if a registrant under the MBA has conditions and/or restrictions on their registration immediately before transition, the licence issued to them under the MSA will include those same conditions and/or restrictions. As these conditions and restrictions were issued under the MBA, they are not considered new under the MSA and are therefore not subject to the procedural processes available under s. 20 (3) and (4) of the MSA.

Conditions that were imposed under the MBA through disciplinary processes, consent orders, or other enforcement outcomes will also continue on the MSA licence, unless the order itself states that the condition expires before October 13, 2026, when transition to the MSA takes place.

Legislation

MBA s. 4

MSA s. 20-23, 37, 39, 45, 59, and 6

Copies of the legislation are available from www.bclaws.gov.bc.ca.