Application for Loan and Trust Corporation Registration - Instructions for completing the application

Purpose

 

Eligibility criteria for registration

 

Before you begin the application you will need

 

Process

 

Completing and submitting the application form

 

Loan and Trust Corporation registration information

 

Fees

 

Detailed instructions

 

 

Purpose

 

Under the Loan and Trust Corporations Act, as amended (“the Act”), a Loan Corporation or a Trust Corporation must be registered. This form is to be used by every Loan Corporation and Trust Corporation seeking to be registered under the Loan and Trust Corporation Act, as amended (“the Act”).

 

The Superintendent of Financial Services will use the information in this application form to determine whether an applicant corporation should be registered, whether the registration of a corporation ought to be changed, or whether the terms, conditions, and restrictions of registration of a corporation should be amended as the case may be, according to section 31 of the Act. This application’s purpose is to collect this information. The applicant will be required to submit documents to support certain pieces of information about the business.

 

To ensure a timely and efficient review of your application, please ensure to provide complete and correct information as well as the required supporting documents.

 

Eligibility criteria for registration

 

The following minimum criteria applies to obtain a registration.

 

  • The applicant must be a corporation incorporated under the Federal, Trust and Loan Companies Act, as amended.
  • The corporation must be authorized to operate as a Trust or Loan corporation by the Office of the Superintendent of Financial Institutions (OSFI).
  • The corporation must have a mailing address in Ontario that is not a post office box.

Please be aware that a Loan and Trust corporation incorporated under any Provincial or Territory legislation does not qualify for registration.

 

Before you begin the application you will need:

 

  1. Identify the President and contact information for the person including an email address.
  2. A short summary of the proposed plan of operations both for the corporation as a whole and for the operations of the corporation in Ontario.
  3. A copy of the incorporation instruments, including amending instruments of the corporation certified as to authenticity by the Corporate Secretary.
  4. A copy of the Order to Commence and Carry on Business certified as to authenticity by the Corporate Secretary.
  5. A list of the directors and officers of the corporation.
  6. The required application fee.
  7. A copy of the resolution of the board of directors authorizing this application certified by the Corporate Secretary.

Process

 

The application must be completed and submitted to the Financial Services Commission of Ontario (FSCO). FSCO will send to the applicant an email acknowledgement upon receipt of the application. FSCO will advise the applicant if any additional documents and clarification is required to process the application.  

 

The public official at FSCO who can answer questions about the collection of personal information is: Manager, Licensing Approvals, Licensing and Market Conduct Division, 5160 Yonge Street, 16th floor, Toronto ON M2N 6L9, email: contactcentre@fsco.gov.on.ca, telephone (416) 250-7250.

 

Completing and submitting the application form

 

  • An incomplete application may result in delays in processing the application.
  • This application form must be legible. Please complete by using the fillable pdf form capabilities, print and sign the application.
  • Please include copies and not originals of any documents when supporting documents or information is required.
  • The application form and supporting documents may be sent to FSCO by mail to the Licensing Branch at 5160 Yonge Street, 16th floor, Toronto ON M2N 6L9, or a scanned copy by email to contactcentre@fsco.gov.on.ca.
  • The application fee must be submitted by cheque or money order, payable to Minister of Finance and sent by mail or courier at the same address as the application.

Loan and Trust Corporation registration information

 

FSCO is required to maintain a public registry of registered Loan and Trust Corporations.

 

Consistent with FSCO’s role in protecting the public interest FSCO collaborates with other organizations, including other regulators, fraud prevention organizations and law enforcement agencies. Please be advised that Loan and Trust registration information (for e.g. legal business name, legal business address, and name of the Chief Agent) may be shared with such organizations who may collect and use this information, only as reasonably necessary, to enable them to carry out the purposes of detecting, suppressing and preventing fraud, and law enforcement.

 

Fees

 

In order to obtain a Loan and Trust Corporation registration, an initial non-refundable registration fee of $2,500 must be paid at the time of application.

 

For more information on fees see FSCO’s website under Loan and Trust Corporation, and then Minister's Schedule of Required Fees.

 

Detailed instructions

 

The application has four parts:

 

Part A - Attestation, consent and notification

Part B - Contact information

Part C - Business information

Part D - Application checklist

Part A – Attestation, consent and notification

A corporate signing director/officer of the applicant must sign this application. The person signing must declare that the statements, declarations and answers provided, including attachments, are true and complete.

 

Any false, deceptive or misleading statement or omission in an application or supporting material may result in refusal or revocation of the registration, prosecution or other sanctions.

 

Any false, deceptive or misleading information provided to the Superintendent or a person designated by the Superintendent in respect to matters of this Act or Regulation is an offence under the Loan and Trust Corporations Act, as amended.

 

The person signing the application is providing consent on behalf of the applicant for the collection and validation of the information in this application and to share and disclose any of the information to other licensing/registry authorities, regulatory bodies or law enforcement agencies for any purpose related to law enforcement.

Part B – Contact information

This part collects key pieces of information about the applicant.

 

1. Legal name of corporation

 

State the full legal name of the corporation as specified in its incorporating or amended instruments under the Federal, Trust and Loan Companies Act, as amended.

 

2. Head office

 

Provide the mailing address, telephone number, fax number and website address (if applicable) for the corporation.

 

3. Principal place of business in Ontario

 

Provide the address, telephone number and fax number for the principal place of business in Ontario. Specifically the address in Ontario where the corporation will carry out its activities and/or maintain its records. A business address cannot be a post office box number and must permit service by registered mail.

 

4. President

 

Provide the name, address, telephone number, fax number and email address of the person that is the President.

 

5. Complaints Officer

 

Provide the name, address, telephone number, fax number and email address of the person that is designated for the complaints officer.

 

6. Billing contact

 

FSCO issues an annual assessment to every registered Loan & Trust to cover its fees to regulate the sector. Provide the name, address, telephone number, fax number and email address of a billing contact.

Part C – Business information

1. Jurisdiction of incorporation

 

Confirm that the business is incorporated under the Federal, Trust and Loan Companies Act, as amended and provide the date of incorporation and the date of authorization to commence and carry on business. Indicate if there are any restrictions and/or conditions on the order to commence and carry on business.

 

2. Complaints handling process

 

Confirm the corporation has an established complaints handling process for resolving complaints from the public.

 

3. Requirement to maintain registration information with FSCO

 

Confirm the corporation is aware of the requirement to maintain key pieces of information related to its registration with FSCO. The key pieces of information are identified in this section.

Part D - Application checklist

Application checklist is a tool to ensure that your application package is complete.