As of today, 13 October 2026, the Mortgage Services Act is law in British Columbia. It replaces the Mortgage Brokers Act, which has governed the industry since 1972, and it changes how every broker and brokerage in the province is licensed, supervised and held to account. If you completed BCFSA's transition education on time, your registration has now become a licence. Here is what is different from today and what is worth checking this week.
Registration is now licensing
BC brokers are no longer registered. They are licensed, under a framework much closer to how real estate is regulated. There are three licence levels: mortgage brokerage, principal broker and mortgage broker. Licences are also tied to four activities: dealing in mortgages, trading in mortgages, administering mortgages and mortgage lending. The old submortgage broker title is gone.
Principal brokers carry real accountability
Every brokerage must now have at least one licensed principal broker who is responsible for supervising the brokers licensed with it. The designated individual role has become something much bigger. Supervision is expected to be substantive, not a signature on a form, which makes a brokerage's compliance support a real factor in where you hold your licence.
Personal mortgage corporations are allowed
Eligible brokers can now be paid through a personal mortgage corporation, similar to the personal real estate corporations realtors have used for years. Setting one up involves incorporation, licensing and tax decisions, so talk to your accountant before you change how you are paid.
New conduct rules and bigger penalties
The new rules set standards for conduct, qualifications, disclosures and business practices, and they prohibit licensees from working with unlicensed people to provide mortgage services. The penalties are significant: BCFSA can seek up to 250,000 dollars for individuals and 500,000 dollars for brokerages for serious breaches, with administrative penalties of up to 100,000 dollars for less serious ones.
If you missed the 22 September deadline
Your registration did not carry over, and you cannot provide mortgage services until the transition courses are complete. BCFSA is keeping the courses available, so finish them as quickly as you can and tell your principal broker which files are affected. What to do if you missed it.
A day one checklist
First, log in to BCFSA and confirm your licence shows the level and categories you expect. Second, update how you describe yourself on your email signature, website, business cards and social profiles so they match your new licence rather than an old registration title. Third, look at anyone who helps on your files without a licence and make sure what they do does not count as mortgage services. Fourth, if you are a principal broker, confirm every broker at your brokerage is licensed and that your supervision process is written down. Fifth, if a personal mortgage corporation makes sense for you, book the conversation with your accountant.
How A.I.M.I. Collective is handling it
Our compliance team has been tracking transition education for every A.I.M.I. Collective broker and handling the brokerage side filings, so our brokers can focus on clients rather than paperwork. If you are working through the new rules on your own, it may be worth a conversation about how we support our brokers.
Related reading
- What changes under the BC Mortgage Services Act
- Personal mortgage corporations in BC, what brokers need to know
- Switching brokerages in BC under the Mortgage Services Act
- BC compliance calendar
This summary is based on BCFSA's published guidance on the Mortgage Services Act and may change. Always confirm requirements directly with BCFSA.