Apply for a Lender Permit. You need the permit if you’re a lender or seller who wants to extend credit or provide financing to consumers in Nova Scotia. Mortgages and business-to-business lending transactions are exempt.
By law, you must have a Lender Permit if you lend money or provide consumer financing to Nova Scotians. The permit is valid for 3 years.
If a person is found guilty of an offence under the Consumer Protection Act, they can be fined up to $25,000 or go to prison for up to a year or both. If a company is found guilty, it can be fined up to $300,000.
If you lend money or provide consumer financing to Nova Scotians you need to apply for a permit.
How to apply
- Complete the application form.
- Check the application for details on all required supporting documents.
- Include payment with your application.
- Send your completed application, supporting documents and payment by mail or fax.
How long it takes
It should take 2 weeks to get the permit. It can take longer if more information is needed or if your application hasn’t been filled in correctly.
Visa, MasterCard, American Express, cheque, money order. A cheque or money order should be made payable to the Minister of Finance. Payment options may vary depending on how you apply.
Before you start
Make sure you have:
- place of business in Nova Scotia, where files are accessible for inspection
- Registry of Joint Stock Companies number
- 3-year employment history for you and any partners and officers
- supporting documents including samples of forms you want to use (for example, credit application forms, loan documents, sales contracts and statements for borrower)
- address for service
- address for service in Nova Scotia
You also need to provide details if you or any partner, officer or director has:
- had a licence or permit refused, suspended or revoked
- been involved in a personal or corporate bankruptcy
- unpaid judgments outstanding
- been convicted of an offence and not been pardoned
You need to renew your Lender Permit every 3 years. You should get a renewal package (including instructions) in the mail before the renewal date. It’s your responsibility to renew on time.