Key takeaways
- →The Mortgage Services Act (MSA) comes into force October 13, 2026, repealing and replacing the Mortgage Brokers Act (MBA); the BC Government approved the MSA Rules and Regulation on July 14, 2025, setting a 15-month transition period.
- →Three new licence levels come into force at once — Mortgage Brokerage, Mortgage Broker, and Principal Broker — replacing today's mortgage broker, submortgage broker, and designated individual categories; a fourth level, Mortgage Lender, is phased in later with no in-force date set yet.
- →Licensees can hold one or more of four licence categories: dealing in mortgages, trading in mortgages, administering mortgages, and mortgage lending.
- →A Principal Broker can head up to four related brokerages (more with Superintendent approval); anyone receiving mortgage-brokering remuneration through a corporation needs a separate Personal Mortgage Corporation (PMC) licence.
British Columbia's current mortgage-broker framework, the Mortgage Brokers Act (MBA), is being replaced outright. The Mortgage Services Act (MSA) comes into force on October 13, 2026 — the BC Government approved the MSA Rules and Regulation on July 14, 2025, which set a 15-month transition period running up to that date.
This isn't a name change with the same rules underneath. New licence levels replace today's registration types, licensees choose from four licence categories depending on what they actually do, and a new corporate-licensing structure applies to anyone billing mortgage income through a corporation. Here's what changes, category by category, and what stays the same for now.
01 · What is BC's Mortgage Services Act and when does it take effect?
The Mortgage Services Act repeals and replaces the Mortgage Brokers Act, and it comes into force on October 13, 2026. The BC Government approved the MSA Rules and Regulation on July 14, 2025, which started a 15-month transition period leading up to that date — the period during which current registrants have to complete required transition education (covered in a companion piece below).
For context on where BC fits into the national licensing picture before this change, see Mortgage Licence Requirements by Province.
02 · What are the new licence levels under the MSA?
Section 9(1) of the MSA establishes four licence levels: Mortgage Brokerage, Mortgage Broker, Principal Broker, and Mortgage Lender. Only the first three come into force on October 13, 2026 — the Mortgage Lender level's in-force date has not yet been set by the Provincial Government, and BCFSA describes it as a second phase of implementation.
| Today (MBA) | Under the MSA |
|---|---|
| Mortgage Broker (the business entity) | Mortgage Brokerage |
| Submortgage Broker (individual acting on behalf of the business) | Mortgage Broker |
| Designated Individual (individual with regulatory responsibility) | Principal Broker |
| — (no equivalent yet) | Mortgage Lender (in-force date not yet set) |
Today's term “submortgage broker” goes away as a registration category under the MSA — see What Does “Submortgage Broker” Mean in BC? for how that term is used today, ahead of the switch.
03 · What are the four licence categories a licensee can hold?
Separately from licence level, the MSA lets a licensee hold one or more of four licence categories, depending on what work they actually do:
- →Dealing in mortgages — originating new mortgages.
- →Trading in mortgages — the transfer of existing mortgages.
- →Administering mortgages — servicing existing loans.
- →Mortgage lending — lending on the security of real property.
04 · What changes for how brokerages and Principal Brokers are structured?
A Principal Broker may head up to four related brokerages (more with Superintendent approval under section 4 of the Mortgage Services Rules); a Mortgage Broker who isn't a Principal Broker can only be licensed with one brokerage at a time.
The MSA also introduces the Personal Mortgage Corporation (PMC) — a licensed corporation for Principal Brokers and Mortgage Brokers. Anyone receiving mortgage-brokering remuneration through a corporation must obtain a separate PMC licence in addition to their individual licence, under Part 6 of the Mortgage Services Regulation.
Who's exempt: Notaries in good standing with the Society of Notaries Public in BC, and Chartered Professional Accountants performing mortgage-adjacent work as part of their regular services, do not need an MSA licence for that work.
Whatever level or category a broker holds once the MSA takes effect, the day-to-day job of moving files stays the same — see how Treadstone works with Canadian mortgage professionals to scale that side without adding headcount. Brokers looking to add underwriting skill alongside a new licence level can also join the waitlist for Treadstone's Canadian Mortgage Underwriting Course.
New rules, same need for capacity
Licensed under a new framework — the file volume doesn't slow down for it.
Whatever your licence level or category under the MSA, Treadstone's fulfillment associates take file processing off your desk so the transition doesn't cost you a season of growth.
Frequently asked questions
This article is general information to help you scale — not a substitute for tailored advice on your specific business, licensing, or compliance obligations. All figures are illustrative examples for planning purposes; actual costs vary by province, market, and brokerage.