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Information on advertising mortgage services
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Introduction
Licensees providing mortgage services have specific duties that are set out in the Mortgage Services Act (MSA), Mortgage Services Regulation (Regulation), and Mortgage Services Rules (Rules). Section 63(2)(e)(iv) of the MSA gives the Superintendent of Mortgage Services (Superintendent) the authority to make rules that set standards of conduct and business practice standards for licensees, including regulating the form and content of advertising carried out by licensees.
Mortgage services advertising is defined as any form of identification, promotion, solicitation or representation, including a sign or other notice, relating to mortgages, mortgage transactions, or the provision of mortgage services.
Advertising Requirements
Most advertising requirements are set out in Part 4, Division 3 of the Rules. A licensee may only1 mortgage services advertising if it complies with the requirements in the MSA, Regulation, and Rules, as provided below.
Include Brokerage Name in all Advertising
All advertisements must include the full mortgage brokerage name as registered with BCFSA, and the brokerage name must be clearly and prominently displayed. When assessing whether the brokerage’s name is clear and prominent, BCFSA considers the prominence of the brokerage’s name in relation to the rest of the advertisement and the relative ease with which a consumer can identify the brokerage.
If an address is included in the advertising, it must be the address of the brokerage that the licensee is licensed under.
Using the Legal Name of the Licensee
When the name of a principal broker or mortgage broker is included in an advertisement, the name must be the licensed name of that individual, as registered with BCFSA.
Using the Name of Personal Mortgage Corporation
If a principal broker or mortgage broker operates through a personal mortgage corporation (PMC), any advertising must use only the PMC’s name, as registered with BCFSA. The individual principal broker or mortgage broker must not be identified by their personal name in place of, or in addition to, the PMC’s name. In addition, the term “personal mortgage corporation” must be fully spelled out on any advertising; the PMC abbreviation is not allowed.
Mortgage Services Team Advertisements – Effective on April 1, 2027
All mortgage services advertising for a team and/or its individual members must clearly indicate the team’s name, as registered with BCFSA. If a team member advertises mortgage services as an individual, the team name must also be included in that advertising. A mortgage services team cannot advertise itself as a team until its registration request is approved by BCFSA.
No False or Misleading Advertising
A licensee must not publish mortgage services advertising that the licensee knows, or reasonably ought to know, contains a false statement or misrepresentation concerning mortgages, a mortgage transaction, or the provision of mortgage services.
Applicable Section of Mortgage Services Act, its Regulations, or the Mortgage Services Rules
Mortgage Services Act
s. 63(2)(e)(iv) [Rules of the Authority]
MSA Rules
s. 55 [Restrictions and requirements]
s. 56 [False or misleading advertising prohibited]