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Cross-Border Private Lenders Association

BC's Mortgage Services Act Takes Effect October 13: What Cross-Border Lenders and Brokers Need to Know

By Cross-Border Private Lenders Association · Current to 29 September 2026 · 2 min read

Two weeks from now, British Columbia switches mortgage regimes. The Mortgage Services Act (MSA) comes into force on 13 October 2026, repealing the Mortgage Brokers Act that has governed the industry since 1972 (BCFSA).

What changes

  • Registration becomes licensing. The old system mostly registered brokers. The MSA creates license categories and gives the BC Financial Services Authority (BCFSA) new rule-making, investigation and penalty powers.
  • New roles. Brokerages must nominate principal brokers, and a Superintendent of Mortgage Services oversees the sector.
  • New fees. The MSA fee schedule applies to renewals after 13 October 2026 (BCFSA).
  • Transition education was mandatory. Existing registrants had to complete transition education by 22 September 2026 for their registration to carry over to a license (MLT Aikins).

The lender gap

Only the dealing, trading and administering categories take effect on 13 October. The mortgage lender license category arrives in a later phase. Meanwhile, the new rules require licensees to deal only with lenders that are licensed or otherwise authorized, and MLT Aikins notes BCFSA has not yet said how that will work before any lender can hold the license.

Why it matters across the border

US lenders funding BC deals through BC brokers should expect new verification requests and tighter identity and fraud controls. BC brokers placing clients with US lenders should confirm how their obligations apply to foreign lenders. Everyone should watch for BCFSA guidance on the lender category, which may arrive with limited lead time.

Your to-do list

  • Confirm every BC broker, brokerage and administrator you use holds an MSA license on 13 October
  • Update your lender onboarding pack for BC broker verification requests
  • Sign up for BCFSA updates on the lender license phase

This content is general information for industry professionals and is not legal, tax or financial advice. Laws change and apply differently to each transaction; obtain advice from qualified counsel in each relevant jurisdiction. Legal counsel to the Cross-Border Private Lenders Association: Jasmine Daya & Co. Questions: info@cbpla.com