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Last reviewed: 16 September 2026

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British Columbia's move from the Mortgage Brokers Act to the Mortgage Services Act, explained

Our overview of how Canadian mortgage broker regulation works names the BC Financial Services Authority (BCFSA) as the province's regulator. What that overview doesn't cover is that the law BCFSA has been administering — the Mortgage Brokers Act (MBA) — is being replaced outright, on a specific date, with real consequences for anyone currently registered under it.

What's changing, and when

The Mortgage Services Act (MSA) received Royal Assent on November 3, 2022, and its accompanying Rules and Regulation were approved by the BC government on July 14, 2025. The MSA itself comes into force on October 13, 2026, at which point it repeals and replaces the Mortgage Brokers Act — the framework that has governed BC mortgage broker registration for decades — and BCFSA becomes the licensing authority under the new law rather than the old one.

The vocabulary changes, not just the statute

Under the outgoing Mortgage Brokers Act, a brokerage itself is registered as a "Mortgage Broker," while an individual employed by that brokerage is registered separately as a "Submortgage Broker" — with a specific individual designated as each brokerage's "Designated Individual," typically an officer, director, or general partner. The MSA replaces this structure with new licensing categories; BCFSA has been explicit that a Designated Individual under the old MBA does not automatically become a Principal Broker (the new law's closest equivalent role) — the two frameworks aren't a simple one-to-one relabeling, and anyone checking a BC-licensed broker's status should confirm which framework a given credential was issued under.

Existing registrants have their own mandatory deadline

Registration under the old MBA doesn't carry over to a license under the new MSA automatically. BCFSA requires current MBA registrants to complete mandatory transition education — with the specific coursework differing depending on whether a registrant is moving toward a Principal Broker license or a Mortgage Broker license under the new framework — and BCFSA has set September 22, 2026 as the deadline to complete it. A registrant who misses that deadline does not have their existing registration carry forward into a license once the MSA takes effect three weeks later.

What this page is, and isn't: this describes a public, dated regulatory transition — not a review of any specific BC brokerage or individual. We do not name, rank, vet, or imply any verdict about a specific Canadian broker, originator, or brokerage on this or any Library page, and our published standard and Register remain United States-only.

What this means if you're checking a BC broker right now

Until October 13, 2026, BC mortgage brokers are still licensed and searchable under the existing Mortgage Brokers Act structure — see our guide to checking a Canadian mortgage broker's license for BCFSA's current lookup. After that date, expect the same regulator (BCFSA) but new license category names on file, and — separately — a new minimum errors-and-omissions insurance requirement that didn't exist under the old law; see our companion explainer on E&O insurance requirements by province for that specific change.

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