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Saturday, June 24, 2017
Financial and Consumer Affairs Authority

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.



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