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
by the Responsible Choices for Growth and Accountability Act, (2001 Budget). The amendments are enforced as of 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- The definition of "bank mortgage subsidiary" is repealed and the definition of "loan corporation" is amended such that a bank mortgage subsidiary is no longer excluded from the definition.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.
Pursuant to Ontario Regulation 149/08
, effective August 1, 2008, all registered loan and trust corporations must provide FSCO with their current head office address, head office telephone number and the name of their current president. Please continue to update FSCO with this information. FSCO will notify you directly if any other information is required.
Registration Application Size: 344 kb
The Financial Services Commission of Ontario
Licensing & Market Conduct Division
Loan & Trust Complaint
5160 Yonge Street
4th Floor, Box 85
Toronto, ON M2N 6L9
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.