Amendments to the Loan and Trust Corporations Act
August 1, 2008
All loan and trust corporations must be federally incorporated before applying for registration to conduct business in Ontario.
Legislative amendments were made to the Loan and Trust Corporations Act ("Act") by the Responsible Choices for Growth and Accountability Act (2001 Budget), 2001. The amendments come into force on August 1, 2008.
As a result of these amendments:
- Loan and trust corporations will no longer be required to file annual returns with the Financial Services Commission of Ontario (FSCO).
- The definition of "bank mortgage subsidiary" is repealed and the definition of "loan corporation" is amended such that a bank mortgage subsidiary is no longer excluded from the definition. Consequently, all loan corporations carrying on business in Ontario, including those that previously came within the definition of "bank mortgage subsidiary", will need to be registered with FSCO in order to continue to operate as loan corporations in Ontario as of August 1, 2008.
Applications for registration
must be processed before August 1, 2008. Instructions and copies of registration forms will be mailed to all affected corporations.
Pursuant to Ontario Regulation 149/08 which also comes into force on August 1, 2008, all registered loan and trust corporations must provide to FSCO the current address of the head office of the registered corporation, the current telephone number of the head office and the name of the current president. Please continue to update FSCO with this information. FSCO will notify you directly if any other information is required.
If you have any questions regarding the registration requirements please contact Ms. Rita Carniel, Senior Registration Specialist at 416-226-7857 or 1-800-668-0128 extension 7857.