Changes to mortgage industry regulation

Nova Scotia is changing mortgage industry regulation to help protect homeowners and buyers. Under the Mortgage Regulation Act, mortgage professionals need to meet education and licensing requirements to operate in Nova Scotia. The changes take effect on 1 November 2021.

To protect homeowners and buyers, the Government of Nova Scotia is introducing new education and licensing requirements for mortgage professionals. The new requirements do more to protect Nova Scotians when financing a home through a mortgage broker.

Working with industry

The Government of Nova Scotia worked with the mortgage industry to develop modern legislation to replace the Mortgage Brokers’ and Lenders’ Registration Act and regulations. The new Mortgage Regulation Act and supporting regulations align legislation with national consumer protection standards and changes in the financial services market. The legislation also introduces 5 new licences.

What the change means

When the changes take effect on 1 November 2021, mortgage professionals need a new licence under the Mortgage Regulation Act to do business in Nova Scotia.

There are 5 types of licences in the new Mortgage Regulation Act:

  • Mortgage Brokerage Licence
  • Mortgage Broker Licence
  • Associate Broker Licence
  • Mortgage Lender Licence
  • Mortgage Administrator Licence

In addition to the licences, there are new rules and procedures for mortgage brokerages, brokers, lenders and administrators. There are also new annual licensing fees. Brokers and associate brokers pay an annual licensing fee of $300. Brokerages, lenders and administrators pay an annual fee of $600.

When the changes take effect

The changes take effect on 1 November 2021. A new online licensing system is available in Fall 2021 to give mortgage professionals time to prepare for the new regulations.

Homeowners and buyers

If you’re a homeowner or buyer, there’s nothing you need to do. Once the new legislation is in effect, you can ask your mortgage professional for proof that they hold a valid licence.

Mortgage professionals

If you’re a mortgage broker professional (you receive payment and act as an intermediary between a borrower and lender for a mortgage or your company lends money secured by real property), you need to apply for a licence and pay a licensing fee.

Depending on the type of licence you apply for, you need to meet new education and licensing requirements. Licences for brokers and associate brokers cost $300. Corporate licences (for mortgage brokerages, lenders and administrators) cost $600. All licences have to be renewed each year.

You need to have all required licences by 1 November 2021. The application process is available in Fall 2021. Before applying, make sure you meet all eligibility requirements.

What's new

Regulatory Information Program

Mortgage brokers needs to complete the Regulatory Information Program as a requirement of their Mortgage Broker Licence.

Licence fees and expiry dates

Current licences for mortgage brokers and lenders expire 31 October 2021.

See all updates


Business Licensing Section
Phone: 902-424-5552
Toll-free: 1-800-670-4357

Related legislation

Related information