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ARTICLE · 14 OCTOBER 2022

Sweeping Changes To The Regulation Of Mortgage Brokers In B.C.

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On October 4, 2022, the Legislative Assembly of British Columbia introduced Bill 29, the Mortgage Services Act, which proposes to replace the Mortgage Brokers Act...

CanadaFinance and Banking
Ross McGowan
Ross McGowan
Jason Uswak
Jason Uswak
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On October 4, 2022, the Legislative Assembly of British Columbia introduced Bill 29, the Mortgage Services Act, which proposes to replace the Mortgage Brokers Act, R.S.B.C. 1996, c. 313 (the MBA). In the Commission of Inquiry into Money Laundering in British Columbia, better known as the Cullen Commission, the MBA received some of the most scrutiny from the inquiry. Out of 101 recommendations, the Cullen Commission provided 17 recommendations specifically directed at the regulation of mortgage brokers in British Columbia, which included many recommendations aimed at amending and modernizing the MBA. Bill 29, Mortgage Services Act, is the province's response to the findings and recommendations of the Cullen Commission.

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