Regulatory Statement

Purpose

This Regulatory Statement (“Statement”) establishes the Superintendent of Mortgage Services’ (“Superintendent”) transition education requirements for mortgage services licensees, pursuant to Part 8, Division 1 of the Mortgage Services Regulation (“Regulation”) 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 (“MBA”). This Statement will be repealed on October 13, 2029, in accordance with Part 8 of the Regulation.

Background Information

Sections 33 to 38 of the Regulation under the MSA provide the transition requirements for people currently registered under the MBA wishing to transition to licensees under the MSA. This includes the transition exemptions, application, and education requirements for registrants under the MBA and who are applying to become licensed under the MSA.

Requirements

Transition Education Requirements

MBA registrants are strongly encouraged to complete the 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 form and content of applications will be forthcoming on BCFSA’s Mortgage Services Knowledge Base.

The Superintendent establishes the following courses as transition education for the purposes of s. 36 of the Regulation:

Mortgage Brokers

• MSA: Getting Started
• MSA: The New Mortgage Broker

Principal Brokers

• MSA: Getting Started
• MSA: The New Principal Broker (Part 1)
• MSA: The New Principal Broker (Part 2)

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. 

Course Registration:

For more information and to register for these courses, please refer to BCFSA’s Transition Education webpage.

Fees for Transition Courses

Course Title	Fee
MSA: Getting Started	$25
MSA: The New Mortgage Broker	$150
MSA: The New Principal Broker (Part 1)	$100
MSA: The New Principal Broker (Part 2)	$50

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

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.