Regulatory Statement

Purpose

Pursuant to Part 8, Division 1 of the Mortgage Services Regulation (“Regulation”) under the Mortgage Services Act (“MSA”), this Regulatory Statement (“Statement”) establishes the Superintendent of Mortgage Services’ (“Superintendent”) transition education requirements for mortgage services licensees, who received an exemption from the registration qualification requirements provided by the Registrar under the Mortgage Brokers Act (“MBA”), and accordingly have not successfully passed BCFSA’s Mortgage Brokerage in British Columbia course and examination under the MBA.

This Statement comes into effect on October 13, 2026 and will be repealed on October 13, 2029, in accordance with Part 8 of the Regulation.

Background Information

The MBA provided the Registrar with the authority to exempt certain persons or classes of persons from satisfying the education requirements for registration. Those who were given the exemption described above do not meet the qualification requirements to be licensed under the MSA. Accordingly, persons who received this exemption must successfully complete certain education requirements to transition to licensure under the MSA, as outlined below.

Part 8 of the Regulation provides transitional provisions for people registered under the MBA who wish to transition to licensure under the MSA, including the Superintendent’s authority to establish educational requirements for current MBA registrants.

Requirements

To be licensed under the MSA on or after October 13, 2026, persons who are registered under the MBA and received an examination exemption must successfully pass the Mortgage Brokerage in British Columbia examination under the MBA and complete the MSA transition education requirements by October 9, 2026. For information on MSA transition education requirements, please see Regulatory Statement 25-013: Transition Education Requirements.

If an exempted registrant cannot satisfy these requirements by October 9, 2026, their registration will be transitioned to licensing under the MSA; however, they will be required to register for the new Mortgage Services Licensing course by October 31, 2026, and pass that examination by October 13, 2027. Failure to complete this requirement within the timeline provided will result in the cancellation of their MSA licence.

Affected registrants who are known to BCFSA have been contacted by letter via email with further information on how to complete the Mortgage Brokerage in British Columbia course and exam. Affected registrants that have not received a letter should email msa@bcfsa.ca to obtain this relevant information. Examination candidates are allowed a maximum of two examination attempts.

Further to the above, if an exempted registrant cannot satisfy these requirements by October 9, 2026, their registration will be transitioned to a licence under the MSA and they will be required to register and pay for the Mortgage Services Licensing course by October 31, 2026, complete the MSA Licensing course assignments, and pass the MSA Licensing examination by October 13, 2027. If they do not successfully complete the Mortgage Services Licensing course and pass the examination within the two permitted attempts by October 13, 2027, their licence will be terminated. In accordance with MSA Rule 8(3), they will then be required to restart the Mortgage Services Licensing course and pass the examination before applying for a new mortgage services licence.

Additional Information

For inquiries related to transition education or other licensing education requirements, please email education@bcfsa.ca.

Legislation

MSA s. 15
MSA Regulation ss. 33 to 38

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