BC's Mortgage Services Act (2026): A Broker Compliance Checklist Before October 13

Why This Is Not Optional

British Columbia is replacing the Mortgage Brokers Act (in place since 1972) with the Mortgage Services Act (MSA) on October 13, 2026. This is a hard regulatory deadline, not a recommendation. The industry was given a 15-month transition window after the accompanying rules were approved, and that window is closing.

The core shift: BC moves from a registration system to a full licensing framework, administered by BCFSA. Registration under the old MBA will not carry over automatically, brokers and brokerages need to actively apply under the new categories.

The Four Service Categories You Must Identify

Every broker and brokerage needs to determine which of the four MSA service categories match their actual activities, and hold a license for each one they operate in:

New Per-Category Licensing Fees

BCFSA is implementing a new fee structure alongside the MSA. Each license application or renewal covers one service category, if you (or your brokerage) operate in more than one, dealing and administering, for example, additional fees apply per extra category.

Principal brokers and brokerages specifically need to identify, in their license application, exactly which categories the brokerage intends to operate under. Budget for this as part of your transition planning, not as a surprise at renewal time.

New Qualification and Governance Requirements

Beyond the category structure, the MSA rules introduce requirements that did not exist under the old MBA:

• English-language proficiency standards for all licensees • Requalification requirements for anyone reinstating a lapsed license • Minimum experience requirements for principal brokers overseeing a brokerage • Formal governance and financial policy requirements at the brokerage level • New financial reporting and assurance obligations for brokerages, effective once the MSA is in force

If you are a principal broker, the brokerage-level requirements are yours to implement, not something that happens automatically at the individual license level.

Personal Mortgage Corporations Need a Second License

If you receive your commission through a Personal Mortgage Corporation (PMC), a common structure for brokers routing income through a personal corporation, you need a separate PMC license in addition to your individual license, effective October 13, 2026. Operating a PMC without it once the MSA is in force will not be compliant. Confirm this applies to you now if you are unsure of your current compensation structure.

Your Compliance Checklist Before October 13, 2026

1. Map your actual activities (and your brokerage's) against the four service categories: dealing, trading, administering, lending 2. Apply for an MSA license covering every category that applies, budgeting for per-category fees 3. If you operate a brokerage, confirm your principal broker meets the new minimum experience requirement 4. Update brokerage governance and financial policies to meet the new MSA standard 5. If you route compensation through a personal corporation, apply for the PMC license alongside your individual license 6. Prepare for the new financial reporting and assurance requirements that begin once the MSA takes effect 7. Confirm any team members with lapsed licenses understand the new requalification requirements before they try to reinstate 8. Monitor BCFSA's MSA transition communications directly, the specifics of forms and deadlines are managed there, not by this guide