Regulatory Statement

Purpose

This Regulatory Statement provides the education requirements for previously licensed individuals seeking to have their license reinstated under the Mortgage Services Act (“MSA”). This Regulatory Statement comes into effect on October 13, 2026, and repeals all Regulatory Statements related to this topic under the previous Mortgage Brokers Act.

Background Information

Part 2, Division 3 [Licensing Process] of the MSA provides the legislative requirements for applications for a licence, including those for previously licensed individuals seeking reinstatement.

If a previously licensed individual would like to apply for licence reinstatement after they voluntarily surrendered their license or had their license become inoperative under section 28(1) of the MSA [licence inoperative if licensee ceases to be engaged by mortgage brokerage], they are required to requalify by completing applicable licensing education requirements. Section 10 of the Mortgage Services Rules (“Rules”) provides the education requalification requirements on reinstatement of a principal broker licence or a mortgage broker licence that became inoperative or was voluntarily surrendered. Education requirements are set out in Part 2, Division 3 [Qualification Requirements] of the Rules and within the ​​Educational Requirements for a New Licence or Licence Renewal ​Regulatory Statement.

In recognition of an applicant’s previous knowledge or training, the Superintendent of Mortgage Services (“Superintendent”) may waive the education requirements under Section 8(4) of the Rules. This is detailed in the “Education Requalification Waiver Period” section below.

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

Rules Respecting Education Requalification on Reinstatement

Reinstatement with Less Than 5 Years of Continuous Licensing

To have the licence reinstated, an applicant who has less than 5 years of continuous licensing at any time before the licence became inoperative or was surrendered must have:

• passed the examinations corresponding to the applicable licensing courses, no longer than one year before the date of the application, and
• taken the applicable applied practice courses specified by the Superintendent, if any, respecting the mortgage services in relation to which the application is made, no longer than 2 years before the date of the application.

Reinstatement with More Than 5 Years of Continuous Licensing

To have the licence reinstated, an applicant who has 5 or more years of continuous licensing at any time before the licence became inoperative or was surrendered must meet the educational requirements specified by the Superintendent for new licensees. More information on education requirements for new licensees will be forthcoming on BCFSA’s Mortgage Services Knowledge Base.

If a licensee is uncertain about their requirements, please contact BCFSA at education@bcfsa.ca to understand your individual requirements.

Requirements

Education Requalification Waiver Period

The Superintendent may waive the applicable licensing course requirements, as detailed above, for individuals applying for relicensing in the same level and category(ies) in which they were licensed prior to their licence becoming inoperative, suspended, surrendered, or expired, for specified periods known as Education Requalification Waiver Periods. Education Requalification Waiver Periods are calculated from the date on which a licence becomes inoperative, suspended, surrendered, or expired¹.

The Superintendent may waive the applicable examination requirements, if any, for individuals who wish to apply for relicensing in the same level and category(ies) in which they were licensed prior to their licence becoming inoperative, suspended, voluntarily surrendered, or expired, for specified periods known as Education Requalification Waiver Periods.

The Education Requalification Waiver Periods are as follows:

• After passing a licensing examination, an applicant may apply for relicensing for up to twelve months.
• If an applicant was continuously licensed for less than a year, they may apply for relicensing for a period equivalent to their unbroken licensed period.
• If an applicant was continuously licensed for one (1) year but less than five (5) years, they may apply for licensing for up to one (1) year.
• If an applicant was continuously licensed for five (5) years or more, they may apply for licensing for up to two (2) years.

An applicant who applies for licensing within their Education Requalification Waiver Period but after their previous licence has expired must have completed all necessary continuing education requirements.

Continued Licensing During Leaves

For the purposes of the information provided in this Statement, an applicant is deemed to have continued to be licensed during any of the following periods for which the applicant ceased to be licensed:

1. a period of 30 days or less;
2. a period approved by the Superintendent during which the applicant was on parental leave or medical leave or on another type of leave of absence as defined by the Employment Standards Act.

Footnote

¹ This includes individuals who were previously registered as a submortgage broker (including as a Designated Individual) under the MBA and fall within the allowable timelines under the Education Requalification Waiver Period. Those individuals reinstating after being registered under the MBA but have not been licensed under MSA will be required to complete the applicable MSA Transition education required for the level of licence required.

Legislation

MSA ss. 19, 28, 30, and 42-49
MSA Rules ss. 8-10

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