Regulatory Statement

Purpose

This Regulatory Statement (Statement) provides the naming requirements for Personal Mortgage Corporations (PMCs), as provided under the Mortgage Services Act (MSA), Mortgage Services Regulation (Regulation), and Mortgage Services Rules (Rules). This Statement comes into effect on October 13, 2026.

Background Information 

This Statement sets out the naming requirements for a PMC, pursuant to s. 24(f) of the Regulation. To establish a PMC, licensees must follow the requirements outlined in this Statement and apply to BC Registries to reserve and secure their intended PMC name. For further information on PMC requirements, see the BCFSA Mortgage Services Knowledge Base.  

Requirements

As outlined below, BCFSA and BC Registries each have their own name approval requirements for PMCs.

Superintendent Approval

Section 24 of the Regulation establishes corporate attributes required for PMCs. Section 24(f) requires that the legal name of the PMC includes both, but nothing other than,

1. (i) the name of the corporation, as approved by the Superintendent of Mortgage Services (“Superintendent”), and
2. (ii) the term “personal mortgage corporation” and not an abbreviation of that term.

In addition to the MSA requirements, the name must have been preliminarily approved by BC Registries (see section below for further information).

When assessing approval of a proposed PMC name, BCFSA will consider the following criteria. The name must not:

1. be identical to the name of another corporation licensed as a PMC by the Superintendent;
2. so closely resemble the name of another corporation licensed as a PMC by the Superintendent that, in the opinion of the Superintendent, it is likely to confuse or mislead the public;
3. contravene s. 56 of the Rules, which provides a prohibition on false or misleading advertising; and
4. in the opinion of the Superintendent
   1. be contrary to the best interests of the public,
   2. undermine public confidence in the mortgage industry, or
   3. bring the mortgage industry into disrepute.

It is recommended, though not required, that licensees propose PMC names that include the licensee’s full legal name, or a short form of their legal name, along with the required term “personal mortgage corporation.” For example, Jane Doe Personal Mortgage Corporation. This naming convention aligns with those used in the real estate industry and is likely to meet the naming convention requirements, which may reduce the time required for Superintendent approval.

BC Registries Approval

Prior to submitting an approval request to BCFSA, licensees must first apply to BC Registries to reserve their intended PMC name. BC Registries will reserve an applicant’s name for 56 days upon conditional approval of the name. Note that BC Registries’ conditional name approval does not guarantee the Superintendent’s approval of the PMC name.

Once an applicant receives conditional approval from BC Registries, the following steps are to be taken:

• The applicant must submit a request for approval of the PMC name to BCFSA via IRIS.
• If the Superintendent approves the submitted PMC name, BCFSA will provide the applicant with documentation of this approval, which the applicant must submit to BC Registries to finalize the name with that organization.
• Once the PMC name is finalized with BC Registries, licensees may apply for a PMC licence through BCFSA via IRIS.
• The Superintendent may approve the PMC licence on receipt of (a) a completed application for a PMC licence and name submitted via IRIS, and (b) any applicable application fee specified in the Regulation.

For a step-by-step guide to naming a PMC, see the BCFSA Mortgage Services Knowledge Base.

Transition from MBA to MSA: Temporary Naming Procedure¹

Temporary measures regarding PMC naming requirements have been established to facilitate PMC licensure compliance under the MSA. These temporary measures regard submortgage broker registrants under the previous Mortgage Brokers Act (MBA) who established corporations registered as mortgage brokerages under the MBA and wish to apply for a PMC licence under the MSA.

MBA registrants who wind up their brokerage under the MBA and submit a signed Acknowledgement Form to BCFSA by May 29, 2026, will not be required to change their PMC’s legal name to meet the above-noted naming requirements until the end of their initial MSA licensing term. This means that by their first licence renewal date under the MSA, the PMC’s legal name must comply with the naming requirements noted above.

More information on these temporary measures can be found on BFSA’s website.

​​​Definitions

Personal Mortgage Corporation: a corporation that is licensed in accordance with Part 6 of the MSA Regulation.

Legislation

MSA Regulation ss. 22 to 30
MSA Rules ss. 53 and 56

Copies of the legislation are available from www.bclaws.gov.bc.ca

Additional Information

For inquiries on personal mortgage corporation names, please email msa@bcfsa.ca.

¹ This section of the regulatory statement will be repealed on October 13, 2028.