Regulatory Statement

Purpose

This Regulatory Statement (Statement) provides the qualification requirements needed to become licensed in B.C. for mortgage services licensees originally licensed in another Canadian province (extraprovincial licensees), as recognized by the Superintendent of Mortgage Services (Superintendent) under the Mortgage Services Act (MSA), pursuant to s. 7 to 11 of the Mortgage Services Rules (Rules) under the 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 3(1) of the Labour Mobility Act states that a worker who holds an extraprovincial certification may apply to the applicable B.C. regulator (e.g., BC Financial Services Authority (BCFSA)) for certification in relation to the B.C. equivalent occupation and, after obtaining that certification, may practice under B.C.’s applicable regulations, bylaws, rules, resolutions, and measures. Extraprovincial licensing may not meet the requirements of B.C.’s licensing regime and therefore qualification in another province does not guarantee successful qualification in B.C.

Part 2, Divisions 1 to 3 of the MSA outlines the qualifications for how to obtain a B.C. mortgage services licence, including extraprovincial applicants. Further, s. 7 to 11 of the Rules outlines the English language proficiency requirements, educational requirements, and experience qualifications for licensing applicants, including applicants that are or have previously been licensed in another Canadian jurisdiction.

For applicants who are or have previously been licensed in another Canadian jurisdiction, BCFSA provides specific parameters required for qualification to become licensed in B.C., as outlined in this Regulatory Statement.

Further information on education and other licensing requirements under MSA can be found on BCFSA’s Mortgage Services Knowledge Base.

Requirements

Qualifying applicants are eligible to apply for licensing in B.C. under the Labour Mobility provisions in Chapter 7 of the Canadian Free Trade Agreement (CFTA) for the equivalent level and category of licence for which they are licensed in their originating jurisdiction. To become licensed in B.C., the applicant as described above must pass the applicable B.C. jurisprudence examination. Please see Appendix A: Labour Mobility Requirements for Mortgage Services Licensing, which further clarifies what levels and categories of licence in B.C. are equivalent to specific extraprovincial qualifications.

Mortgage Broker Licence Applicants from Other Canadian Jurisdictions

An applicant for a mortgage broker licence who meets the following criteria will be required to pass the B.C. Mortgage Services Interprovincial examination:

• Is currently licensed to provide mortgage services in another Canadian jurisdiction with occupational standards equivalent to those in B.C., or
• Has completed the required licensing education qualifications within the previous twelve (12) months in a Canadian jurisdiction with occupational standards equivalent to those in B.C.

An applicant who has previously held the equivalent to a mortgage broker licence in another Canadian jurisdiction is eligible to request a waiver from the Mortgage Services Licensing course if they were licensed for a minimum of one (1) year within the past three (3) years in a Canadian jurisdiction with occupational standards equivalent to those in B.C. Eligible applicants will be required to successfully complete the Mortgage Services Licensing exam.

Principal Broker Licence Applicants from Other Canadian Jurisdictions

An applicant who is currently licensed to provide mortgage services at an equivalent level to a principal broker licence in B.C. in another Canadian jurisdiction with occupational standards will be required to pass the B.C. Mortgage Principal Broker’s Interprovincial examination.

An applicant who has previously held the equivalent to a principal broker licence in another Canadian jurisdiction for a minimum of two (2) of the past five (5) years is eligible to request a waiver from the Mortgage Services licensing course and the Principal Broker’s licensing course and instead successfully complete the Mortgage Services licensing examination and the Mortgage Principal Broker’s licensing examination.

More information on the process for seeking labour mobility recognition for licensing under the MSA can be found on Advisory: Process for Seeking Labour Mobility Recognition for MSA Licensing, which can be found on BCFSA’s Mortgage Services Knowledge Base.

Additional information

For inquiries, please email education@bcfsa.ca.

Legislation

MSA Part 2, Divisions 1 to 3

MSA Rules s. 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.