The Director of the Consumer Credit Division must be notified in writing of certain significant changes to your payday loan business. The written notification must be provided within 7 days of the change occuring.
Changes to Information Previously Provided in a Licence, Renewal or Reinstatement Application
Lenders must disclose any material change in information previously provided in an application to the Director. This could include, among other things, a change in:
• an address, including an address for service, or a telephone number;
• the name of the applicant or the licensee;
• the fiscal year of the company;
• an officer or director of the corporation;
• a partner of the partnership;
• the location of records required to be kept by the Act.
Other Changes Affecting the Business
The Director must also be notified if a licensed lender:
• ceases carrying on business at a licensed location;
• has commenced bankruptcy, receivership or winding-up proceedings;
• has its authority to carry on business in another jurisdiction suspended, canceled or amended, or surrenders its authority to carry on business in another jurisdiction;
• has terms, conditions or restrictions imposed on its authority to carry on business in any other jurisdiction, or has existing terms, conditions or restrictions varied or modified;
• has a civil action or a regulatory proceeding in relation to fraud, breach of trust, deceit, misrepresentation or the business of payday lending brought against it or any of its directors, officers, or partners;
• has a decision by a court, regulator or other adjudicator issued against it or any of its directors, officers or partners in relation to fraud, breach of trust, deceit, misrepresentation or the business of payday lending;
• has proceedings issued against it or any of its directors, officers or partners in relation to, or it or any of its directors, officers or partners is convicted of, a criminal offence, or any other offence under the laws of any other jurisdiction, excluding traffic offences.