Regulatory Statement

Purpose

This Regulatory Statement (“Statement”) applies to any person who was, immediately before October 13, 2026, registered as a mortgage broker or submortgage broker under the Mortgage Brokers Act (“MBA”). This Statement, and the forms listed above, establishes the required form and content for these MBA registrants who are applying to transition to a 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. This Statement will be repealed on October 13, 2029.

Background Information  

Under the MSA, a person must be licensed to carry on the business of providing mortgage services, unless exempted under the MSA or the Mortgage Services Regulation (the “Regulation”). More information on licensing exemptions will be forthcoming on BCFSA’s Mortgage Services Knowledge Base. Section 34 of the Regulation sets out the transition requirements for people currently registered under the MBA wishing to transition to licensees under the MSA.

If a person has successfully completed BCFSA’s Mortgage Brokerage in British Columbia licensing examination under the MBA and was registered as a mortgage broker or submortgage broker under the MBA before October 13, 2026, they do not have to meet the new application and qualifications requirements for a new license under sections 14 and 15(1) of the MSA. However, they still must submit an application to the Superintendent that:

• follows the required format,
• includes all necessary information, and
• provides any documents the Superintendent asks for.

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

Requirements

Transition Application for Current Registrants under Mortgage Brokers Act

Transition Requirements for Mortgage Brokerages

Mortgage Brokers registered under the Mortgage Brokers Act (“MBA”) and who have successfully completed BCFSA’s Mortgage Brokerage in British Columbia licensing examination under the MBA prior to October 13, 2026 when the Mortgage Services Act (“MSA”) comes into force, will be required to apply for licensure as a “Mortgage Brokerage.” Under the MSA, each mortgage brokerage must have at least one “Principal Broker” licensed to act on behalf of the brokerage. Consequently, a “Mortgage Broker” under the MBA, when transitioning to a Mortgage Brokerage under the MSA, must provide BCFSA with information regarding whether the brokerage’s currently registered “Designated Individual(s)” will be applying for licensure as a “Principal Broker(s).” For more information on requirements for these applications, see the Form & Content Regulatory Statement.

A mortgage brokerage, when applying for licensure upon transition, must provide the following information in its application:

1. Name of the proposed Principal Broker(s) for brokerage and each branch office;
   1. A subsequent service request will be sent to that proposed Principal Broker to choose the licensing category(ies) for the brokerage. Note that once confirmed, the Principal Broker(s) will be delegated to act on behalf of the brokerage to finalize the transition application.
2. Completed Principal Broker transition education; including licensee’s UBC Sauder student number and the date of completion.
3. Whether the brokerage will seek authorization to hold trust account(s); and if so, they must submit banking institution name, branch (transit number) and account numbers.
4. Confirm the current address for the mortgage brokerage and the proposed Principal Broker, and
5. A completed attestation.

Transition Requirements for Mortgage Brokers

Registrants under the MBA that have successfully completed BCFSA’s Mortgage Brokerage in British Columbia licensing examination under the MBA and who are applying to become licensed under the MSA are strongly encouraged to complete the required transition education courses prior to October 13, 2026, when the MSA comes into effect. If registrants under the MBA choose to wait to complete the transition education until after the MSA comes into force, there may be consequences for licensing, such as restrictions, gaps in licensing, or prohibited unlicensed activities. More information on the transition education requirements can be found on BCFSA’s Mortgage Services Knowledge Base. Mortgage brokers currently registered as submortgage brokers under the MBA will receive information from BCFSA’s licensing team on the steps required to become licensed under the MSA.

Registrants under the MBA who have any conditions, restrictions or any other registration requirements on their registration, and are applying to be licenced under the MSA, will have those carried over onto their licence under the MSA. This carry-over is not a new condition, restriction or registration requirement but a continuation of the existing one(s).

If an applicant does not satisfy the Superintendent that they have successfully completed and passed the educational requirements specified, the Superintendent may refuse to issue the licence.

Definitions

Application for a licence: unless otherwise provided, an application for a licence includes

• an application for a new licence, and
• an application for renewal, amendment or reinstatement of an existing licence.

Licence Reinstatement: may occur when a licensee has voluntarily surrendered their licence or in such other case that the licence has become inoperative and is seeking to reactivate (reinstate) their licence, while they are still within their two-year licensing term.

Legislation

MSA ss. 3 to 24
MSA regulation ss. 33 to 38
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.