People looking to get a mortgage in B.C. will soon have enhanced consumer protection under new legislation for mortgage service providers.

• The Province is improving the regulation of mortgage brokers, lenders and administrators by replacing the outdated Mortgage Brokers Act with the new Mortgage Services Act.
• The new act will give B.C.’s financial services sector regulator, the BC Financial Services Authority (BCFSA), the ability to develop rules for licensing and licensee conduct, which was one of the recommendations from the Commission of Inquiry into Money Laundering in B.C.
• It will require licensing with limited exemptions to strengthen regulatory compliance and provide BCFSA with new powers to set standards of conduct and enhance disclosure and reporting obligations.