Debt Management Agency Licence

Apply for a Debt Management Agency Licence. You need the licence to employ people to help debtors (people that owe money) manage their debt in Nova Scotia. A debt management agency works with a debtor to make arrangements with creditors, negotiate with creditors or distribute money owed to creditors for a fee, commission or other remuneration that’s paid by the debtor.

By law, debt management agencies must have a Debt Management Agency Licence to employ people to work with debtors or manage debt in Nova Scotia.

A debt management agency works with a debtor to make arrangements with creditors, negotiate with creditors or distribute money owed to creditors for a fee, commission or other remuneration that’s paid by the debtor.

You need to become licensed in Nova Scotia before you can manage debts in the province, even if you’re already licensed in another province. Debt management agencies don’t need to have a place of business in Nova Scotia. Debt management can take place from outside the province, but must take place from within Canada.

Eligibility

Your company needs to be registered with Registry of Joint Stock Companies. Your company also needs to manage debt in Nova Scotia on behalf of debtors.

How to apply

  1. Apply online for the licence.
  2. Check the application for details on all required supporting documents.
  3. Include payment with your application.
  4. Submit your completed application, supporting documents and payment.
  5. Send your original surety bond by mail. Or drop it off at the Business Licensing Section.

How long it takes

It should take 2 weeks to get the licence. It can take longer if more information is needed or if your application hasn’t been filled in correctly.

Cost

Activity Fee
Licence (includes your first branch) $464.75
Licence (each additional branch) $165.70
Licence renewal (includes your first branch) $464.75
Licence renewal (each additional branch) $165.70

Payment options

Visa, MasterCard, American Express, Interac® Online, debit card.

Before you start

Make sure you have:

  • Registry ID for the business (from Registry of Joint Stock Companies)
  • 3-year employment history for partners, officers and directors
  • name and address of responsible agent for all branches
  • address where your client (debtor) financial records are kept
  • name, address and position of all partners and officers

You also need to provide details if any partner, officer or director has:

  • had a licence refused, suspended or revoked
  • been convicted of an offence and not been pardoned

You need to provide additional supporting documents including:

  • original surety bond in the amount of $20,000
  • sample of each form or agreement the agency will use when entering into agreements with creditors
  • sample of each notice or letter the debt management agency will use with its clients (debtors), including the fees it will charge

Apply online

When you apply online you need to create an account or sign in.

Start now

Renewal

You need to renew your Debt Management Agency Licence by 30 April each year. You should get a renewal notice (including a list of your employed licensed collectors) before the renewal date. It’s your responsibility to renew on time.