Parliament passed the Mortgage Corporation Amendment Bill 2026 on September 23, finalizing governance adjustments for the new entity in the Turks and Caicos Islands. While the legislation clarifies board structure and regulatory relationships, officials have yet to provide a timeline for when residents can begin applying for home financing.
The amendments formalize a board of seven to nine members, including ex-officio representatives from the Ministry of Finance and the Office of the Attorney General. Premier Charles W. Misick stated these changes create an institutional bridge without direct political control. Leader of the Opposition Edwin Astwood criticized the delay, noting that residents earning $3,000 to $5,000 per month are struggling with current housing costs. The Premier noted that board nominees have been referred to the Financial Services Commission for vetting, a necessary step before operations can commence.
The corporation remains non-operational. Before issuing loans, the government must finalize board appointments, hire staff, develop lending products, and establish governance controls. No date exists for when applications will open, leaving the start date for lending services currently undefined.