Trust, Loan and Financing Corporations
How to Apply for a Licence as a Trust, Loan and Financing Corporation
The Trust and Loan Corporations Act, 1997 (the “T&L Act”) provides the legislative framework for the regulation of trust corporations, loan corporations and financing corporations.
A trust corporation accepts deposits from the public or performs traditional trust functions.
A loan corporation accepts deposits from the public and lends money to the public, deals in or purchases mortgages on real property, deals in accounts receivable, or has as its primary business the granting of revolving credit. A loan corporation cannot be the trustee to a trust.
A financing corporation lends money to the public, deals in or purchases mortgages on real property, deals in accounts receivable, or has as its primary business the granting of revolving credit. Financing corporations cannot accept deposits, and cannot be the trustee to a trust.
If you are seeking a licence as a trust, loan, or financing corporation, you must:
Annual Fees for the 2015 Licence Year and subsequent years are increased for larger corporations; the amount payable is also based on licensing category:
Any overpayment of the first year licence fee will be refunded based on the number of months remaining in the year when the licence is issued.
Saskatchewan incorporated entities seeking a trust licence or a loan licence must contact the office of the Superintendent of Financial Institutions to discuss additional requirements.