Regulatory Statement

Purpose

This Regulatory Statement (“Statement”) provides the mortgage broker education requirements for an application for a new licence or to renew a licence, pursuant to sections 7 to 11 of the Mortgage Services Rules (“Rules”) under the Mortgage Services Act (“MSA”). This Statement comes into effect on October 13, 2026, and repeals all Regulatory Instruments related to this topic under the previous Mortgage Brokers Act.

Background Information

Section 15 of MSA states that an applicant for a new licence or licence renewal must satisfy the Superintendent of Mortgage Services (“Superintendent”) that they meet licensing qualification requirements. Additionally, this section authorizes the Superintendent to specify continuing education requirements to renew a licence.

Section 73 of MSA permits the Superintendent to establish fees for educational courses.

The educational requirements for all applicants are provided in sections 8 and 9 of the Rules. Section 9 of the Rules provides that an applicant for a new licence must have completed the applicable licensing courses, as specified by the Superintendent, respecting the mortgage services in relation to which the application is made. Section 11 of the Rules specifically provides the experience qualification requirements for Principal Brokers, which are required in addition to the education requirements provided in sections 8 and 9 of the Rules. In addition to these requirements, all applicants must meet the English language proficiency requirements provided in section 7 of the Rules.

The MSA, MSA Regulation, and Rules provide additional requirements and authorities related to licensing, beyond those contained in this Regulatory Statement.

Requirements

Educational Requirements for New Licensees

To apply for a new licence, an applicant must have successfully completed the licensing courses listed below, as applicable to the level of licence to which the application relates. The applicant must also successfully pass the examinations corresponding to those courses no longer than one year before the application date.

The courses below are required for mortgage brokers and principal brokers:

Mortgage Brokers

• Mortgage Services Licensing Course

Principal Brokers

• Mortgage Services Principal Broker’s Licensing Course

Continuing Education Requirements for Licence Renewals

An applicant for licence renewal must complete the applicable continuing education courses respecting the mortgage services and/or the level of licence in relation to which the application is made. This includes passing the examinations corresponding to those courses prior to the date the licence is renewed.

The Superintendent’s required continuing education courses for all licence levels is listed below:

• One Legal Update course respecting the mortgage services to which the application is made must be completed during the two-year licence term in order to be eligible for licence renewal.

Fees for Educational Courses

The table below provides the approved fees for education courses collected by BCFSA:

Course Type	Course Title	Course Fee
Continuing Education for Licence Renewal	Legal Update	$275

Additional Information

For inquires related to education requirements, please email education@bcfsa.ca.

Legislation

MSA ss. 15, 73
MSA Rules ss. 7 to 11

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

Regulatory Statements establish the form and content of a regulatory submission; prescribe the manner of meeting or enforcing a requirement existing in an enactment; and/or provide the regulator’s view of the laws that BC Financial Services Authority administers. Regulatory Statements are made pursuant to a requirement or power contained in provincial legislation. Compliance with a Regulatory Statement is therefore mandatory. Regulatory Statements may refer to law, practice, or background existing at the time of publication. If relying on the legal information contained in a Regulatory Statement, confirm that any references to the law, including enabling legislation, are up to date and obtain independent legal advice, when needed. Regulatory statements are effective on the date of their publication, unless stated otherwise.