| Department of Finance - Financial institutions
Trust and Deposit-Taking Loan Companies: Incorporation
and Licence |
 |
| Who Needs This
Licence? |
|
Any trust company or deposit-taking
loan company which wishes to operate in Nova Scotia, or which wishes to
incorporate in Nova Scotia. |
| Issuing Department
/ Agency: |
|
Nova
Scotia Department of Finance . |
| Where can you get this licence and / or further information? |
|
Financial
Institutions Division
Nova Scotia Department of Finance
Tel: (902) 424-6331
Fax: (902) 424-1298
e-mail: fininst@gov.ns.ca |
Office
Location:
Provincial Building
1723 Hollis Street, 4th Floor
Halifax, NS B3J 1V9
Mailing Address:
PO Box 2271
Halifax, NS B3J 3C8 |
| Application Forms & Process: |
|
You can get an application form
for this incorporation and licence by visiting, writing the Financial Institutions
Division listed above or by downloading one from our Forms
and Applications page on the internet.
An application package for the issue of Letters Patent to incorporate a
trust or loan company is available from the Financial Institutions Division
listed above. The package includes an application form and information
on what documents have to accompany the application. When completed and
submitted, along with the applicable fee (payable to the Minister of
Finance), an appropriate review and investigation is made by the Department.
If all requirements are met and the application is approved, the Letters
Patent or licence will be mailed to the applicant.
Applications are also available for:
(a) Licence renewal;
(b) Change of Licence;
(c) Amendment to Terms, Conditions and Restrictions of Licence; and
(d) The Issue of Supplementary Letters Patent. |
| Waiting Period: |
|
The Incorporation and Licence
is normally processed within 14 days, once all items which must accompany
the application have been received, and all requirements are met.
A longer period (30 days) would apply to new incorporations.
(Please allow several extra days for mail delivery.) |
| Expiry & Renewal: |
|
This licence is valid for up to
1 year covering the period from July 1 of one year to June 30 of the next.
It can be renewed; the Department will send a renewal form to the licence
holder before the licence expires.
The renewal application must be accompanied by the applicable annual
fee. |
| Price: (No
tax is charged) |
|
$5,687.10 for incorporation
$1,137.42 for initial licence application fee
There is an annual fee based on company assets (the minimum annual fee
is $3,412.26).
Please pay by cheque or money order made out to the Minister of Finance. |
| Related Requirements: |
|
The business must be:
(1) a member of the Canada Deposit Insurance Corporation;
(2) registered under the N.S. Mortgage Brokers and Lenders Registration
Act;
(3) registered under the N.S. Consumer Protection Act; and
(4) registered with the Nova Scotia Registry
of Joint Stock Companies . |
| Additional Information: |
|
This Trust and Loans Companies
Act regulates the eligibility of companies for licensing, as well as the
activities of the company as they pertain to the safeguarding of consumer's
deposits.
It also regulates the incorporation of trust companies and deposit-taking
loan companies in Nova Scotia.
The minimum capital requirements for trust companies is $5 million
and for loan companies $3 million. |
| Legislative Authority: |
|
Trust
and Loans Companies Act, Statutes of Nova Scotia, 1991, Chapter 7 |
