The Mortgage Services Act replaces a statute that has governed the province since 1972. The shift is from registration to licensing, and the categories change with it.
British Columbia's Mortgage Services Act received Royal Assent on 3 November 2022 and comes into force on 13 October 2026, replacing the Mortgage Brokers Act. The supporting Regulation and Rules were approved on 14 July 2025.
Two dates matter and they are frequently confused. 13 October 2026 is when the Act takes effect. 22 September 2026 is the deadline by which current registrants must have completed BCFSA's mandatory transition education in order to carry their registration into a licence.
The category most brokers arranging mortgages for borrowers will hold.
Buying and selling mortgage interests.
Servicing mortgage agreements on behalf of a lender.
Lending in your own right rather than intermediating.
Designated individuals become principal brokers, with expanded accountability for the conduct of the brokerage. The framework moves BC closer to how real estate is regulated in the province, which means brokerage-level supervision obligations rather than a light registration.
For a broker choosing where to hang a licence, that changes what to ask. Supervision is no longer a formality, and a brokerage's compliance capability becomes a material part of what you are buying.
The MSA permits personal mortgage corporations, allowing eligible brokers to be paid through a personal corporation. The structure has real tax and administrative consequences and is worth planning with an accountant well before it becomes available rather than after.
Some operational detail, including licence terms and the ongoing continuing education cycle after transition, was still being finalised as this page was written. Treat any specific figure you see quoted on that point sceptically, including in industry commentary, and confirm with BCFSA.
BCFSA maintains a Mortgage Services Act section covering transition, education and the Rules and Regulation at bcfsa.ca. Current as of 1 September 2026.
A.I.M.I. Collective brokers are working through the MSA transition with brokerage support behind them.