British Columbia's Mortgage Services Act (MSA) came into force on Tuesday, October 13, 2026. According to the BC Financial Services Authority (BCFSA), the new law repealed and replaced the Mortgage Brokers Act. Anyone arranging a mortgage through a B.C. broker from now on is dealing with professionals working under the new rules.
- In force: October 13, 2026 (B.C. only).
- Registration under the old Act is replaced by licensing: mortgage brokerages, principal brokers and mortgage brokers.
- Brokers must give borrowers standard disclosure forms covering who they represent, how they are paid, conflicts of interest and the suitability and risks of a mortgage.
- BCFSA's public search lists everyone currently licensed under the MSA.
What changed
When the province approved the rules and regulation in July 2025, BCFSA said the MSA brings new and improved disclosure requirements, higher suitability standards, and increased enforcement and monitoring tools. That announcement started a 15-month transition for the industry, which ended this week.
The titles have changed too. BCFSA's Find a mortgage broker page explains that a mortgage brokerage is the licensed business, each brokerage must have a principal broker responsible for supervision and compliance, and a mortgage broker is the individual licensed to provide services on the brokerage's behalf, usually the person who works directly with clients.
Standard disclosure forms for borrowers
BCFSA has published prescribed disclosure forms that brokers must use where the rules require them, without changing or customizing them. The borrower forms include:
- Disclosure of representation (Form 1A), confirming who the broker represents, before services begin.
- Disclosure of interests (Form 3A), flagging competing interests at least two business days before an agreement is signed.
- Expected remuneration (Form 4), showing how the broker is paid, when options are presented.
- Suitability and material risks (Form 6A), explaining how the mortgage fits the borrower's needs and what the risks are.
- Dual agency risks (Form 8), when a broker acts for both borrower and lender.
Who is affected
The change applies to borrowers using a mortgage broker in British Columbia: buyers, people renewing or refinancing, and anyone considering a private mortgage arranged through a broker. It does not change mortgages arranged directly with a bank or credit union branch, and it does not change rules in other provinces.
Our interpretation: for most borrowers the practical difference is paperwork that is easier to compare. The forms are standardized, so two brokers' fee and conflict disclosures should look alike.
What to do next
- Before sharing documents, look up the broker and brokerage on BCFSA's public search. Our licence-checking guide covers other provinces.
- Ask for the representation and remuneration disclosures early, and read the suitability form before signing.
- If you are already mid-application, ask your broker which new forms you should expect and when.
To compare professionals in the province, browse British Columbia mortgage pages or the mortgage broker directory, and confirm each licence with BCFSA yourself.
Sources
- BC Financial Services Authority, Mortgage Broker Resources, accessed 2026-10-16.
- BC Financial Services Authority, Mortgage services forms (MSA disclosure forms), accessed 2026-10-16.
- BC Financial Services Authority, Find a mortgage broker, accessed 2026-10-16.
- BC Financial Services Authority, Transition to New Mortgage Services Act Begins Following Government Approval of Rules and Regulation, 2025-07-14. Accessed 2026-10-16.
This article is general information, not legal or financial advice. Mortgage Directory listings are not verified, vetted or endorsed; confirm any professional's licence with the provincial regulator.
