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Service Nova Scotia

Lender Licence

Who Needs This Licence?

Lenders and/or sellers who want to extend credit or provide financing to consumers in Nova Scotia.

Issuing Department / Agency:
Service Nova Scotia
Where can you get this Licence and / or further information?
  Contact: Business Licensing Section
Service Nova Scotia
  Telephone: 902-424-5200 (in metro)
  Toll-free: 1-800-670-4357 (within Nova Scotia)
  E-mail: REGLICENSING@novascotia.ca
  Visit: By Appointment Only - Call 902-424-5552
  Website: http://www.novascotia.ca/sns/access/individuals.asp
Application Forms & Process:
With this Licence, there are two different ways to submit your application form: 

A) You can send in a hard copy. You can get a form by: 
       (1) downloading a form from our website; 
       (2) visiting any Access Nova Scotia Centre; or 
       (3) calling the Licensing Section office listed above. 

Regardless of the process used to apply for this licence, permit, registration or certificate, you must send in the signed original application containing your signature in ink. If a signed copy is not submitted, you will be requested to do so which may lead to a delay in the issuance process.

B) You can fill it out online. To do this, you must be able to pay by Visa, MasterCard or American Express Credit Card. We cannot accept any form of Debit cards at this time. 

If you wish to apply online, click here. Before you begin, make sure you have at hand the information listed below! 

Information you will need to fill out your application form:

  • Details are required if the applicant or any partner, officer or director has
 

 

 

 

  • had a business licence
  • had a licence refused, suspended or revoked
  • been involved in a personal or corporate bankruptcy
  • unpaid judgments outstanding
  • been convicted of a offence under the law and not been pardoned
  • Name, address and date of birth for the applicant, partners and officers
  • Three year employment history for the applicant, partners and officers
  • Address and manager's name for all branches

You can get a Licensing Guide online, Access Nova Scotia Centre or have one mailed out by contacting the Business Licensing Section listed above.

The completed application is submitted to the Department, along with the applicable fee (see Price below).

The application process includes background checks, and a review of documents to ensure that they comply with disclosure requirements.  The applicant must provide samples of the following items for approval:

(a) "Disclosure of the cost of borrowing" forms for loan / purchase agreements;
(b) credit card and line of credit agreements;
(c) "Monthly statements" form for credit cards and lines of credit;
(d) "Annual statement to borrower" form for consumer loans.

If all requirements are met and the application is approved, the licence will be mailed to the applicant.

Waiting Period:

10 business days
Provided that all the items that must accompany the application have been received
(Please allow several extra days for mail delivery.)

Expiry & Renewal
This licence is valid for 3 years from the end of the month in which it is issued. It can be renewed; the department will send out a renewal notice 45 days before it expires.
Price: (No tax is charged)
Initial application and renewal:  $133.35

If you send in an application form, payment is by cheque or money order made out to the Minister of Finance. If paying by credit card; Visa, Mastercard or American Express are accepted. No debit cards are accepted at this time. 

If you apply online, payment is (a) by Visa, MasterCard or American Express credit card.

Related Requirements:
The business must be registered with the Registry of Joint Stock Companies.

There may be bonding requirements; this is at the discretion of the Registrar of Credit.

Additional Information:

Who is regulated under the Consumer Protection Act?

Companies or individuals who:

  1. Loan money to consumers
  2. Offer credit to consumers to finance the purchase of goods or services

What is regulated?
Businesses that only charge interest on overdue accounts and are not considered to be lenders are not required to obtain a Lender Licence.

Business to business lending transactions are exempt.

Mortgage transactions are exempt.

Legislative Authority: 
Consumer Protection Act, Revised Statutes of Nova Scotia, 1989, Chapter 92


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