High-cost credit granting

You must provide proof of incorporation or registration with your application. To register your business, visit OneStop BC Business Registry. If you are located outside of BC, you need to register extra-provincially with Corporate Registry. If you are starting a new business, visit Small Business BC for helpful information for new business owners.

If your business is a partnership or proprietorship, you must provide:

• names of the partners or proprietors
• current copy of any trade name registration(s) under which you intend to operate

If your business is a corporation, you must provide

• names of directors, senior officers, and beneficial owners with voting shares
• current copy of any trade name registration(s) under which you intend to operate

If your head office is located outside of BC, you must provide a certificate of registration from your home jurisdiction showing your legal business name and any other names under which you intend to conduct business.  

As part of the licensing process, you must list all the web domains used to arrange, advance or facilitate high-cost credit agreements online. 

You must provide us with a copy of your business licence issued by your local municipality.

Senior officers, partners or proprietors of your business must complete a criminal record check.

For Canadian residents, get your criminal record check through our third-party supplier. The results will be sent directly to us.
Get a criminal record check.

For non-Canadian residents, a criminal record check from your home jurisdiction is required.

You must submit the following documents:

• copy of your standard loan agreement for each type of high-cost credit product. If you are located outside of British Columbia, you must include the address of your BC office in your loan agreements, for the purpose of service of documents, per the High-Cost Credit Products Regulation, section 22 (c).
• Cancellation Notice (details of the requirements around this Notice are in the application form)
• a copy of the receipt provided to the borrower for the amount the borrower repaid or returned to the high-cost credit grantor on the cancellation of the high-cost credit product 
• sample debt collection notification and forms (This does not apply if you are collecting amounts owed to you as the creditor who advanced the funds to the borrower, per the Business Practices and Consumer Protection Act, section 115).

It’s important to review the requirements for these documents to make sure that your communications with borrowers follow the law.

If your business has more than one location, each location requires its own licence. You must submit all supporting documents with your applications.

If you are operating from a residence, a statutory declaration is required confirming that the residence is also a place of business.

Review the application checklist. 
Submit a licence application form for your head office, for any additional location(s) and any associated fees.
Submit a statutory declaration form if you are operating from a residence.

All licence applications must include the required licensing fees and contribution(s) to the Consumer Financial Education Fund (CFEF).

Know your fees
Learn about the CFEF

It is your responsibility to review all the laws that apply to your business and your industry and to understand your legal obligations.

Know your obligations