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Mortgage Services Act
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About the Mortgage Services Act
The Mortgage Services Act (“MSA”) was passed into law on November 3, 2022. Once in force, the MSA will repeal and replace the outdated Mortgage Brokers Act, modernizing the mortgage services industry in British Columbia to provide greater consumer protection.
While the timelines to bring the MSA into force haven’t been determined, it represents a significant shift for the mortgage services industry. BC Financial Services Authority (“BCFSA”) will support the mortgage services industry as they prepare for the implementation of the MSA.
The B.C. Government’s Ministry of Finance is currently working to develop the rules and regulations that will accompany the MSA. Timelines for the approval of these rules and regulations are yet to be determined. Once known, BCFSA will communicate information about the rules and regulations, and expected timelines for the MSA’s implementation, to the mortgage services industry.
The MSA aligns more closely with other financial services legislation in B.C., including the Real Estate Services Act, allowing for efficient regulation and encouraging responsible business conduct with more than 5,700 submortgage brokers and 1,300 mortgage brokers in B.C.
BCFSA will continue to update this webpage as information about the implementation of the MSA and associated rules and regulations becomes available. Questions about the MSA can be sent to BCFSA’s enquiries team at [email protected].
Frequently Asked Questions
Find answers to common questions about the Mortgage Services Act and what it means for the mortgage services industry. These FAQs will be updated regularly with new information as it becomes available.
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