British Columbia is weeks away from the biggest regulatory change mortgage brokers have seen in decades. On October 13, 2026 the Mortgage Services Act takes effect, replacing the Mortgage Brokers Act that has governed the industry since the 1970s. If you are registered in BC, there is one date that matters more than any other: September 22, 2026.
What is changing
The MSA moves BC brokers from registration to licensing under BCFSA, with a framework closer to how real estate is regulated. The familiar categories are being replaced. Submortgage brokers become licensed mortgage brokers. Designated individuals become principal brokers with expanded accountability for their brokerage. The Act also introduces Personal Mortgage Corporations, which allow eligible brokers to be paid through a personal corporation.
The transition period began on July 14, 2025 when the rules were approved, and it ends when the Act comes into force on October 13, 2026.
The deadline that decides everything
To have your current registration carried over into a licence, you must complete BCFSA's mandatory transition education by September 22, 2026.
Every registrant must complete the course called MSA: Getting Started. Mortgage brokers must also complete MSA: The New Mortgage Broker. Principal brokers must complete both parts of MSA: The New Principal Broker.
If you miss the deadline, the consequences are immediate. You will not be able to provide any mortgage services until the courses are done, and you risk disciplinary action, administrative penalties, and possible licence denial when the MSA launches. BCFSA will keep the courses available after October 13, but being locked out of your own business for even a week is an expensive way to learn a deadline.
What principal brokers need to do
Designated individuals carry extra responsibility in this transition. They must submit their licensing category choices to BCFSA through a service request, and they are responsible for making sure every mortgage broker at their brokerage completes the transition education on time. If you run a brokerage, your deadline is really the deadline of your slowest broker.
Thinking about a Personal Mortgage Corporation
The PMC is one of the most significant opportunities in the new framework, letting eligible brokers structure their compensation through a corporation. Setting one up involves incorporation, licensing and tax decisions, so speak with your accountant and get the process moving early rather than after the Act is in force.
A simple checklist
First, log in to BCFSA and confirm which courses apply to your category. Second, complete MSA: Getting Started now rather than in the final week. Third, complete your role specific course. Fourth, if you are a principal broker, submit your licensing category service request and check your team's course completion. Fifth, if a PMC makes sense for you, start that conversation with your accountant today.
How A.I.M.I. Collective is handling the transition
Our compliance team is walking every A.I.M.I. Collective broker through the MSA transition: tracking course completion, handling brokerage side filings, and preparing our brokers for the new principal broker structure. If you are at a brokerage where you are figuring this out alone, that is worth noticing.
Related reading
- Personal Mortgage Corporations in BC, what brokers need to know
- Mortgage licensing in BC, Alberta and Ontario compared
- How to switch mortgage brokerages in BC, Alberta or Ontario
The information above is based on BCFSA's published transition guidance and may change. Always confirm requirements and dates directly with BCFSA.