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Mortgage Services Act: Rules & Regulation

Mortgage Services Act: Rules & Regulation

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The Mortgage Services Act (“MSA”) received Royal Assent on November 3, 2022. The MSA will come into force on October 13, 2026, at which time it will repeal and replace the outdated Mortgage Brokers Act (“MBA”), modernizing the mortgage services industry in British Columbia to provide greater protection for consumers.

On July 14, 2025, the BC Government approved the Rules and Regulation that accompany the MSA and set out its regulatory framework.

BCFSA is now working to develop regulatory statements, guidelines and other detailed resources to support people who want to become licensed under the MSA. This information will be shared directly with current MBA registrants and will be published on BCFSA’s website once available.

For more information about the MSA, and what it will mean for you, visit BCFSA’s MSA webpage.

View the Mortgage Services Act and its rules and regulation:

MSA Rules & Regulation – FAQs

  • The Mortgage Services Act (“MSA”) will establish a new regulatory framework for the mortgage services industry in British Columbia. The MSA will come into force on October 13, 2026, at which time it will repeal and replace the outdated Mortgage Brokers Act (“MBA”), modernizing the regulation of B.C.’s mortgage services industry to provide greater consumer protection.


  • Although it has been amended several times since its enactment in 1972, the current MBA has not kept pace with evolving national and international standards in consumer protection, changes in the financial services market, and emerging issues such as money laundering in the real estate market.

    In its 2019 report, the Expert Panel on Money Laundering in B.C. Real Estate called for the modernization of the mortgage broker regulatory regime by replacing the MBA with new legislation. Similarly, the Cullen Commission’s 2022 report also called for significant changes to the MBA.

    In 2020, the BC Government held a public consultation on potentially replacing the MBA. They heard from many key industry stakeholders and decided to move forward with changes. The outdated MBA will soon be replaced by the new MSA, when it comes into force on October 13, 2026. This new law will modernize how mortgage services are regulated in B.C. It will also give BCFSA the authority to develop rules for mortgage brokers, which was one of the Cullen Commission recommendations.

  • The MSA received Royal Assent in November 2022. Following this, the BC Government, in consultation with BCFSA, developed the rules and regulation that will accompany the MSA when it comes into force on October 13, 2026. The rules were developed to align more closely with other financial services legislation in B.C., such as the Real Estate Services Act.

  • BCFSA will provide transitional education for all mortgage broker registrants in B.C. to ensure they are aware of new requirements and understand what they need to do to comply with the new rules.

    BCFSA will also be developing an information hub that will include a wide range of information and guidelines for mortgage brokers to help them understand how the new requirements apply to their work.

    Visit the MSA Transition webpage for more information.