Nova Scotia is changing the licensing rules for mortgage lenders, brokerages, brokers and administrators through N.S. Reg. 202/2026. The amendment was issued by the Minister of Service Nova Scotia under Section 90 of the Mortgage Regulation Act changes primarily modify education requirements associated with obtaining and renewing licences under the Mortgage Lender, Brokerage, Broker and Administrator Licensing Regulations.

The amendments revise clauses 5(1)(c) and 6(1)(c), which establish education requirements connected with licence applications. Under the existing wording, applicants were required to have completed the prescribed education within the two years immediately preceding the application. The new provisions distinguish between initial licence applications and renewal applications.

For an initial licence application, the education requirement continues to apply to education completed within the two years immediately before the application. This maintains a relatively recent-education standard for individuals entering the regulated mortgage sector. For licence renewals, however, the education requirement is modified. Applicants renewing a licence must have completed the required education within the two years immediately before the renewal application, but the requirement is subject to a new provision concerning the frequency of education.

New subsection 5(4) provides that the education requirement for a renewal application applies only to every second renewal following issuance of the initial licence. The same provision is added to Section 6 through subsection 6(4). As a result, the regulations establish a recurring education requirement rather than requiring qualifying education at every renewal. Licensees will therefore continue to encounter an education requirement during the renewal cycle, but it will apply only at every second renewal after the original licence is issued.

This creates a distinction between maintaining a licence and periodically demonstrating updated educational knowledge. The approach appears designed to preserve continuing education as part of the licensing framework while reducing the frequency with which licensees must satisfy the specified education requirement. The exact practical effect will depend on the renewal cycle applicable to the particular licence and the education prescribed under the regulations.

The amendment also repeals Section 8 and replaces it with a new section. However, the supplied text ends immediately after stating that Section 8 is repealed and replaced, without providing the wording of the replacement provision. Consequently, its specific requirements and implications cannot be determined from the information provided.

Nova Scotia (202/2026) September 22, 2026
Disclaimer: Insights are for informational purposes only and does not reflect RRI’s official position or constitute legal opinion.