Payday Lender Permit

Apply for a Payday Lender Permit. Payday lenders need the permit to do business in Nova Scotia. A payday lender is someone who offers, arranges or provides loans under $1,500 with a term of 62 days or less to consumers in Nova Scotia.

By law, payday lenders must have a Payday Lender Permit to offer, arrange or provide payday loans to consumers in Nova Scotia. Your facility will be inspected before you get the permit.

A payday loan includes any loan of $1,500 or less, made for a term of 62 days or less, in exchange for a postdated cheque, pre-authorized debit or similar future payment.

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.

Eligibility

If you offer, arrange or provide loans under $1,500 with a loan term of 62 days or less you need to apply for a permit. You also need to have a permanent retail place of business in Nova Scotia.

If you provide payday loans online you need to apply for a permit. You also need to have a permanent retail place of business in Nova Scotia.

You need to apply separately for each business location (each location needs a separate permit).

How to apply

  1. Complete the application form.
  2. Check the application for details on all required supporting documents.
  3. Include payment with your application.
  4. Send your completed application, supporting documents and payment by mail or fax.
  5. A Service Nova Scotia inspector will inspect your facility.

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. Application will not be approved until a pre-licensing inspection of the facility is completed.

Cost

Activity Fee
Permit $3,334.65

Payment options

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:

  • permanent place of business or retail storefront location in Nova Scotia
  • Registry of Joint Stock Companies number
  • 3-year employment history for you and any partners and officers
  • address and manager’s name for all branches

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

  • been previously licensed under any provincial or federal statute
  • had a licence 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 provide additional supporting documents including:

  • sample loan agreement
  • sample form for written cancellation
  • sample form of receipt for amount paid by the borrower to be returned to the lender
  • sample of interior poster or signage
  • sample of exterior signage

Renewal

You need to renew your Payday Lender Permit by July 31 each year. You should get a renewal package in the mail before the renewal date. It’s your responsibility to renew on time.

Application form