New mortgage services act will offer better consumer, anti-money-laundering protection (

Media Contacts

Ministry of Finance

Media Relations
250 208-7705


Facts about the new mortgage services act
  • The mortgage services act will incorporate, directly or indirectly, several of the Cullen Commission’s recommendations by:
    • establishing licensing levels and better defining mortgage services to distinguish between the regulation of mortgage lenders, mortgage brokers and principal brokers;
    • increasing financial penalties to align with the Real Estate Services Act;
    • amending appeal procedures; and
    • granting the Province’s financial services regulator, the BC Financial Services Authority, rule-making powers over licensing and licensee conduct.
  • The act is based on consultation with 43 stakeholder groups, including individuals, corporations and three major mortgage broker associations:
    • Mortgage Professionals Canada;
    • Canadian Mortgage Brokers Association BC; and
    • British Columbia MIC Managers Association.
  • The act will not regulate all mortgage business activities.
    • People already subject to federal or provincial regulation, such as banks and credit unions and their employees, are exempt, as is currently the case.