Regulatory Statement

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Introduction

Purpose

This Regulatory Statement (“Statement”), together with other forms listed above, establishes the required form and content for an application for a new, renewed, amended, or reinstated licence to provide mortgage services, under the Mortgage Services Act (“MSA”).

This 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

Under the MSA, a person must be licensed to carry on the business of providing mortgage services, unless exempted as outlined in the MSA and the Regulation under the MSA. More information on licensing exemptions will be forthcoming on BCFSA’s Mortgage Services Knowledge Base. Sections 3 to 12 of the MSA provides the licensing requirements and licensing levels/categories; and sections 13 to 24 of the MSA provides the licensing process requirements. More information on registering as a Mortgage Services Team (effective April 1, 2027) will be forthcoming on BCFSA’s Mortgage Services Knowledge Base.

The approved forms for applications are provided in the Integrated Regulatory Information System (IRIS) and reflect the requirements outlined in this Regulatory Statement.

Requirements

Part 1: Applications for New Licences

A. General Requirements Related to Applications

A person may apply for a new licence, or for the renewal, amendment, or reinstatement of a licence (other than a branch office licence) by submitting an application to the Superintendent of Mortgage Services (“Superintendent”) that includes the following:

1. the category(s) and level of licence for which the application is made (more information on licensing levels and categories will be forthcoming on BCFSA’s Mortgage Services Knowledge Base);
2. the legal name of the applicant;
3. the address information of the applicant, including residential and mailing address (if different from business address);
4. information regarding any circumstances in which the applicant
   1. has been refused a licence under real estate, insurance, mortgage broker, or securities legislation in British Columbia or another jurisdiction,
   2. held a licence that was suspended or cancelled under real estate, insurance, mortgage broker, or securities legislation in British Columbia or another jurisdiction,
   3. has been disciplined by a professional body or regulator, or
5. is the subject of an investigation or discipline proceeding under real estate, insurance, mortgage broker, or securities legislation, or by a professional body or regulator, in British Columbia or another jurisdiction;
6. information regarding
   1. any bankruptcy, insolvency or receivership proceedings to which the applicant has been subject, including
      1. an application for a bankruptcy order filed against the applicant,
      2. an assignment in bankruptcy made by the applicant,
      3. a bankruptcy order made against the applicant,
      4. a proposal made under Division I of Part III, or a consumer proposal made under Division II of Part III, of the Bankruptcy and Insolvency Act, or
      5. an insolvency proceeding, including a receivership or an arrangement under the Companies’ Creditors Arrangement Act, or
   2. any proceedings commenced under section 3 of the Civil Forfeiture Act in which the applicant – or a controlling person or significant interest holder of the applicant – is named as a party;
   3. any complaints against the applicant under the Human Rights Code or similar legislation in another jurisdiction within or outside of Canada, or if a decision or order is made in respect to such a complaint;
   4. any pending litigation against the applicant or any court orders or judgments made against the applicant in relation to misappropriation, fraud, conversion, breach of fiduciary duty, or breach of trust;
7. in the case of an individual applicant who has been an owner, director, officer or partner of a business, information regarding
   1. any bankruptcy, insolvency or receivership proceedings to which the business has been subject during the period when the applicant was an owner, director, officer or partner, including
      1. an application for a bankruptcy order filed against the business,
      2. an assignment in bankruptcy made by the business,
      3. a bankruptcy order made against the business,
      4. a proposal made under Division I of Part III, or a consumer proposal made under Division II of Part III, of the Bankruptcy and Insolvency Act, or
      5. an insolvency proceeding, including a receivership or an arrangement under the Companies’ Creditors Arrangement Act; or
   2. any pending litigation against the business or any court orders or judgments made against the business during that period in relation to misappropriation, fraud, conversion, breach of fiduciary duty, or breach of trust;
8. information about any offences under federal or provincial enactments, or under the law of any foreign jurisdiction, of which the applicant has been convicted, or with which the applicant is currently charged, other than
   1. highway traffic offences resulting only in monetary fines or point penalties, or both, and
   2. charges initiated by a violation ticket as defined in the Offence Act or by a ticket as defined in the Contraventions Act (Canada); and
9. attestation by the applicant that the information and statements contained in the application or attachments are true and complete.

B. Applications by Individuals for Mortgage Broker Licences

In addition to the requirements of Part 1, A. General Requirements Related to Applications, an application by an individual for a new licence as a mortgage broker must contain, or have attached to it, the following:

1. the applicant’s employment history (last 5 years);
2. Record of Employment, if employment history states a savings institution or credit union in the last 5 years;
3. a criminal record check in a form satisfactory to the Superintendent;
4. information required by the Superintendent to verify a criminal record check on the applicant, including
   1. the applicant’s place and date of birth,
   2. if the applicant was born outside Canada, the date of the applicant’s arrival in Canada,
   3. any previous legal names of the applicant, and other names by which the applicant is or has been known,
   4. if the applicant has resided outside of Canada for any period, the dates and locations of these periods of residency, and
   5. the applicant’s written consent, in a form required by the Superintendent, allowing the Superintendent to verify the accuracy of the criminal record check;
5. a true copy of a piece of valid government issued identification acceptable to the Superintendent that bears a clear and true photographic likeness of the applicant;
6. the applicant’s residential address and phone number;
7. the applicant’s email address;
8. any name other than the applicant’s legal name (such as a nickname, shortened name or hyphenated name);
9. the name of the proposed related brokerage, the proposed related brokerage office address and the phone number, and any fax number if applicable, for that office;
10. if the individual is not a Canadian citizen, evidence of Canadian Permanent Residency or valid Work Permit;
11. unless this requirement is waived by the Superintendent in the case of an applicant who has been previously licensed, information relating to the education and experience of the applicant, including
    1. the dates of completion of courses and examinations established by or on behalf of the Superintendent for the purposes of licensee qualification, and
    2. official transcripts of any mortgage services-related post-secondary courses, other than courses referred to above;
12. the category(s) of licence being applied for;
13. attestation of the proposed related brokerage, signed by the principal broker or a director, officer or partner of the brokerage, approving the application and attesting that the applicant is of good reputation and is suitable for licensing; and
14. attestation by the applicant that the information and statements contained in the application or attachments are true and complete.

C. Applications by Individuals for Principal Broker Licences

In addition to the general requirements of Part 1, A. General Requirements Related to Applications, an individual applying for a new principal broker licence must contain, or have attached to it, the following:

1. the applicant’s residential address and phone number;
2. the applicant’s email address;
3. any name other than the applicant’s legal name (such as a nickname, shortened name or hyphenated name);
4. the name of the proposed related brokerage, the proposed related brokerage office address and the phone number, and any fax number if applicable, for that office;
5. the applicant’s consent to the Superintendent obtaining a credit rating check on the applicant;
6. if the individual is not a Canadian citizen, evidence of Canadian Permanent Residency or valid Work Permit;
7. the category(s) of licence being applied for;
8. the dates of completion of courses and examinations established by or on behalf of the Superintendent for the purposes of principal broker qualification; and
9. attestation of the related brokerage, signed by a director, officer or partner of the brokerage, approving the application and attesting that the applicant is of good reputation and is suitable for licensing.

D. Applications by Individuals Applying for Additional Principal Broker Licences

An individual licensed as a Principal Broker who is applying for additional principal broker licence(s) at additional brokerage(s) must contain, or have attached to it, the following:

1. the name of the proposed related brokerage, the proposed related brokerage office address and the phone number and any fax number for that office;
2. the category(s) of licence being applied for;
3. attestation of the related brokerage, signed by a director, officer or partner of the brokerage; and approving the application and attesting that the applicant is of good reputation and is suitable for licensing.

E. Applications for Mortgage Brokerage Licences (Non-Sole Proprietorships)

Further to the requirements of Part 1, A. General Requirements Related to Applications, an application by a corporation or partnership for a new brokerage licence, other than a branch office licence, must have attached to it, the following:

1. a confirmation that the applicant is a corporation or a partnership, and that it is in good standing with the applicable registry;
2. if the brokerage is to be operated under a trade name other than the legal name of the corporation or partnership, the trade name;
3. the proposed fiscal year of the applicant in relation to brokerage activities;
4. the proposed brokerage head office address, business address, mailing address, its phone number and email address for that office;
5. The licence categories of the proposed brokerage;
6. the names and offices held of every director, officer and partner of the applicant, and, if a partner of the applicant is a corporation, every director and officer of that corporation;
7. a nomination of the qualified individual(s) proposed as principal broker(s);
8. indication of whether the proposed brokerage will be handling trust account(s)¹;
9. if applying for authorization to maintain a trust account², the names and branch location of the savings institutions at which the brokerage is proposing to maintain accounts;
10. information to enable the Superintendent to determine whether the brokerage is in sound financial circumstances, including
    1. an estimate of operating and capital expenditures for the first 3 months of operation, and
    2. evidence of unimpaired working capital equal to that amount plus $5,000;
11. the names and branch locations of the savings institutions at which the brokerage is proposing to maintain accounts (including non-trust accounts);
12. errors and omission insurance (“E&O”) – application in IRIS and copy of the insurance certificate;
13. letter of consent from franchisor, if proposed brokerage is a franchisee;
14. financial statements or pro forma financial statements, as applicable;
15. copy of municipal business licence, if applicable; and
16. certificate from BC Corporate Registry – Incorporation certificate or partnership agreement, when required.

¹ All trust accounts must be interest based in British Columbia and the Principal Broker must be a signing authority.
² Note that application for authorization to maintain a trust account will require a separate service request from that of a licence application.

F. Application for Mortgage Brokerage Licences (Sole Proprietorships)

In addition to the requirements of Part 1, A. General Requirements Related to Applications, an application by an individual as sole proprietor for a new brokerage licence, other than a branch office licence, must contain, or have attached to it, the following:

1. legal name of the sole proprietorship;
2. if the sole proprietorship is to be operated under a trade name other than the legal name of the sole proprietor, the trade name;
3. the proposed brokerage head office address, mailing address (if different from business address); and its phone number and email address for that office;
4. a copy of by-laws for a residential brokerage office, if applicable;
5. the proposed fiscal year of the sole proprietorship in relation to brokerage activities;
6. whether it is applying for authorization to maintain a trust account³ and, if so, the names and branch location of the savings institutions at which the brokerage is proposing to maintain accounts;
7. if the sole proprietor is not a Canadian citizen⁴, evidence of Canadian Permanent Residency or valid Work Permit;
8. the applicant’s employment history (5-years with no breaks) and if, in those 5 years, the applicant worked at a financial institution, they must provide a record of employment;
9. a criminal record check in a form satisfactory to the Superintendent;
10. a true copy of a piece of valid government issued identification acceptable to the Superintendent that bears a clear and true photographic likeness of the applicant;
11. if the applicant will be acting as the principal broker, unless this requirement is waived by the Superintendent for an applicant who has been previously licensed as a brokerage, principal broker or mortgage broker, information relating to the education and experience of the applicant, including evidence of Canadian Permanent Residency or valid Work Permit if the individual is not a Canadian citizen;
12. information to enable the Superintendent to determine whether the sole proprietorship is in sound financial circumstances, including
    1. an estimate of operating and capital expenditures for the first 3 months of operation, and
    2. evidence of unimpaired working capital equal to that amount plus $5,000;
13. the applicant’s consent to the Superintendent obtaining a credit rating check on the applicant;
14. a confirmation from the applicable registry that that sole proprietorship is not a corporation or partnership, if applicable;
15. errors and omission insurance– application in IRIS and copy of the insurance certificate; and
16. certificate from BC Corporate Registry – Certificate of sole proprietorship

³ All trust accounts must be interest based in British Columbia and the Principal Broker must be a signing authority.
⁴ Note that additional information may be required for non-Canadian citizen applications.

G. Application for Branch Office Licenses

An application by a brokerage for a new branch office brokerage licence must contain, or have attached to it, the following:

1. the legal name of the brokerage;
2. if the brokerage is operated under a trade name other than its legal name, the trade name of the brokerage;
3. the licence category(s) of the proposed branch office;
4. the proposed branch office address, its phone number, email address and fax number (if applicable) for that office;
5. a copy of by-laws for a residential brokerage office⁵, if applicable;
6. a copy of municipal business licence, if applicable;
7. the mailing address for delivery to the applicant in respect of the branch office;
8. a nomination of the qualified individual(s) proposed as principal broker(s) of the branch office; and
9. the attestation of the principal broker of the brokerage making the application, or of one of its directors, officers or partners.

⁵ The local government bylaws applicable to the residence must permit the mortgage brokerage business to be conducted from the residence.

H. Application for Personal Mortgage Corporation Licences

In addition to the general requirements of Part 1, A. General Requirements Related to Applications, an application by a personal mortgage corporation must contain, or have attached to it, the following:

1. a confirmation that the applicant is in good standing with the BC Corporate Registry;
2. the name of the proposed related brokerage;
3. the proposed name of the personal mortgage corporation, in accordance with the MSA, Rules and Regulation;
4. a confirmation from the controlling individual that the personal mortgage corporation has the qualifications described in sections 22 to 30 of the Mortgage Services Regulation (the “Regulation”);
5. a declaration that certifies that the applicant is the controlling individual of the corporation and that the information contained in the application is true and complete;
6. an Incorporation Certificate from BC Corporate Registry
7. a certification of the proposed related brokerage, signed by the principal broker or a director, officer, or partner of the brokerage, approving the application; and,
8. attestation by the controlling individual that the information and statements contained in the application or attachments are true and complete.

I. Application for Significant Interest Holder⁶

In addition to the requirements of Part 1, A. General Requirements Related to Applications, an application by a person as a significant interest holder (“SIH”), must contain, or have attached to it, the following:

1. the legal name of the corporation for which the SIH owns shares;
2. the percentage of shares that the SIH owns;
3. legal name of the SIH; and
4. contact information for the SIH, including mailing address, email, and phone number.

⁶ To understand the definition of a significant interest holder, more information on this will be forthcoming on BCFSA’s Mortgage Services Knowledge Base.

Part 2: Applications for Renewal

A. General Requirements Related to Applications for Licence Renewal

An application for a licence renewal, other than renewal of a branch office licence, must contain, or have attached to it, the following:

1. the information referred to in Part 1, A. General Requirements Related to Applications;
2. in the case of an individual applicant, if requested by the Superintendent, a criminal record check, in a form satisfactory to the Superintendent and the information and consent referred to in Part 1, A. General Requirements Related to Applications; and
3. a dated and signed certification by the applicant that the information and statements contained in the application or attachments are true and complete.

B. Applications by Individuals for Mortgage Broker Licence Renewal (including Principal Brokers)

In addition to the requirements of Part 2, A. General Requirements Related to Licence Renewal Applications, an application by an individual for a licence renewal as a mortgage broker or principal broker must contain, or have attached to it, the following:

1. any name other than the applicant’s legal name (such as a nickname, shortened name or hyphenated name), which might be used by the applicant for advertising purposes;
2. the name of the related brokerage;
3. licence category;
4. the applicant’s residential address and phone number;
5. the applicant’s email address;
6. the applicant’s written attestation confirming the applicant has completed the Superintendent’s continuing education program requirements;
7. in the case of an applicant who also holds a Personal Mortgage Corporation licence, the applicant’s confirmation that they are renewing this licence as well;
8. in the case of an application for renewal of a principal broker licence, the applicant’s consent to the Superintendent obtaining a credit rating check on the applicant; and
9. attestation from principal broker that the broker seeking renewal is in good standing with the brokerage and the information contained in the application is true and complete.

C. Application for Personal Mortgage Corporation Licence Renewal

A Personal Mortgage Services Corporation renewal must be done along with the individual licensee’s renewal submission, and it must include a completed declaration. This declaration may include, and is not limited to, information on the applicant’s:

1. criminal record history;
2. bankruptcy, insolvency, or receivership status;
3. litigation or court orders/judgements status;
4. licensing history under real estate, insurance, mortgage broker, securities, or any other legislation in B.C. or other jurisdiction;
5. disciplinary history by a professional or regulatory body; and
6. investigation or disciplinary proceedings in B.C. or another jurisdiction.

D. Applications for Mortgage Brokerage Licence Renewal

In addition to the requirements of Part 2, A. General Requirements Related to Licence Renewal Applications, an application by a corporation or partnership for renewal of a brokerage licence, other than renewal of a branch office licence, must contain, or have attached to it, the following:

1. the brokerage head office address, its phone number and email address for that office;
2. errors and omission insurance– application in IRIS and copy of the insurance certificate;
3. an indication that all filings required by the corporate registry are up to date; and
4. if the brokerage is to be operated under a trade name other than the legal name of the corporation or partnership, the trade name.

E. Applications for Branch Office Licence Renewal

An application for renewal of a branch office brokerage licence must contain, or have attached to it, the following:

1. the legal name of the brokerage;
2. if the brokerage is operated under a trade name other than its legal name, the trade name of the brokerage;
3. the branch office address, its phone number and any fax number and email address for that office;
4. the mailing address for delivery to the applicant in respect of the branch office; and
5. attestation of the principal broker.

F. Late Renewals

As an exception to the otherwise applicable requirements, an application for a new licence that is made by a former licensee within 30 days after the end of the applicant’s previous licence term may, in the Superintendent’s discretion, be accepted by the Superintendent in the form of an application for a licence renewal.

Part 3: Applications for Licence Reinstatement or Amendment

Amendments

A. Application for a Brokerage Licence Amendment

A brokerage must apply for licence amendment if they are changing their:

1. legal name;
   1. must provide a color copy of a government issued photo ID and a copy of birth certificate, notice of articles, marriage certificate, certificate of name changes or other documentary evidence satisfactory to the Superintendent to support the name change;
2. trade name;
   1. both legal and trade name change require Registry Corporation documents and provide the effective date of the name change;
3. residential or office address;
4. adding/removing category(s) of their licence (i.e. dealing, trading, lending, and administering); and
   1. applicants also need to provide education history and attestation from principal broker
5. type of licence (i.e. principal broker licence to mortgage broker licence),
   1. in addition to the declaration mentioned in Part 1, A. General Requirements Related to Applications, applicants also need to provide education history and authorize the Superintendent to obtain a credit check if applying for a principal broker licence.

B. Application for a Branch Office Licence Amendment

A branch office must apply for licence amendment if it is changing its

1. office address; and
2. category of their licence.

Reinstatement

C. Licence Reinstatement Applications

(Applies if an application for licence reinstatement is made more that 30 days after the date on which the licence became inoperative, was suspended or was surrendered, but before the end of the term of the licence)

In addition to the general requirements of Part 1, A. General Requirements Related to Applications, an individual licence reinstatement must contain, or have attached to it, the following:

1. a true copy of a piece of valid government issued identification acceptable to the Superintendent that bears a clear and true photographic likeness of the applicant;
2. criminal record check in a form satisfactory to the Superintendent;
3. employment history;
4. record of employment if employment history states a savings institution or credit union in the last 5 years;
5. the applicant’s consent to the Superintendent obtaining a credit rating check on the applicant; and
6. an attestation from principal broker.

D. Relicensing Application (Licence is expired and licensee is unlicensed for more than 30 days)

In addition to the general requirements of Part 1, A. General Requirements Related to Applications, an individual licence reinstatement must contain, or have attached to it, the following:

1. a true copy of a piece of valid government issued identification acceptable to the Superintendent that bears a clear and true photographic likeness of the applicant;
2. a criminal record check in a form satisfactory to the Superintendent;
3. if the individual is not a Canadian citizen, evidence of Canadian Permanent Residency or valid Work Permit;
4. education history;
5. employment history;
6. record of employment if employment history states a savings institution or credit union in the last 5 years;
7. the applicant’s consent to the Superintendent obtaining a credit rating check on the applicant; and
8. an attestation from principal broker.

Transfers

E. Individual Licence Transfer to a Different Brokerage or Branch Office

In addition to the general requirements of Part 1, A. General Requirements Related to Applications, an individual licence transfer must contain, or have attached to it, the following:

1. transfer effective date;
2. destination brokerage or branch office licence number;
3. the applicant’s consent to the Superintendent obtaining a credit rating check on the applicant (only applicable to principal broker applicants);
4. type of licence; and
5. attestation from principal broker (if applicant is not principal broker).

Part 4: Applications for Mortgage Services Teams (Effective Date April 1, 2027)

A. New Mortgage Services Team

An application to register as a mortgage services team⁷ to the Superintendent must contain, or have attached to it, the following:

1. requested name of the mortgage services team;
2. the names of the two or more licensed applicants forming the team;
3. the legal name of the brokerage that the applicants forming the team are licensed with;
4. the name of a principal broker licensed in relation to the applicants’ related brokerage; and
5. attestation from the principal broker.

⁷ Note that the chosen name of the Team also must receive approval.

B. Join an Existing Mortgage Services Team

An application to join a pre-existing mortgage services team must contain, or have attached to it, the following:

1. the legal name of the licensed applicant requesting to join the mortgage services team;
2. the name of the mortgage services team the applicant wants to join;
3. the legal name of the brokerage the applicant is licensed with;
4. the name of a principal broker licensed in relation to the applicants’ related brokerage; and
5. attestation from the principal broker.

C. Change an Existing Mortgage Services Team

An application to make changes to a pre-existing mortgage services team licence must contain, or have attached to it, the following:

1. the requested name of the mortgage services team;
2. the current name of the existing mortgage services team;
3. the name of the brokerage the applicant is licensed with;
4. the legal name of a principal broker licensed in relation to the applicants’ related brokerage; and
5. attestation from the principal broker.

D. Leave an Existing Mortgage Services Team

An application to leave a pre-existing mortgage services team must contain, or have attached to it, the following:

1. the legal name of the licensed applicant requesting to leave the mortgage services team;
2. the name of the mortgage services team the applicant wants to leave;
3. the name of the brokerage the applicant is licensed with; and
4. the legal name of a principal broker licensed in relation to the applicants’ related brokerage.

E. De-Register/Dissolve an Existing Mortgage Services Team

An application to deregister or dissolve a pre-existing mortgage services team must contain, or have attached to it, the following:

1. the legal name of the licensed applicant requesting the mortgage services team be deregistered;
2. the name of the mortgage services team the applicant wants to dissolve;
3. the name of the brokerage the applicant is licensed with; and
4. attestation from the principal broker.

Legislation

MSA ss. 3 to 24

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

Additional Information

For inquires on licensing applications, renewals, amendments, or reinstatements, please email msa@bcfsa.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.