As of August 1, 2008, legislative amendments were made to the Loan and Trust Corporations Act in accordance with the 2001, Responsible Choices for Growth and Accountability Act.
As a result of these amendments:
- Loan and trust corporations are no longer required to file annual returns with the Financial Services Regulatory Authority of Ontario
- The definition of ""bank mortgage subsidiary"" is repealed and the definition of ""loan corporation"" is amended such that a bank mortgage subsidiary is no longer excluded from the definition. Consequently, all loan corporations carrying on business in Ontario, including those that previously came within the definition of ""bank mortgage subsidiary"", will need to be registered with the Financial Services Regulatory Authority of Ontario in order to continue to operate as loan corporations in Ontario as of August 1, 2008
Note: In order to conduct business in Ontario, all loan and trust corporations must be federally incorporated.
Questions about loan and trust registration requirements?
Market Conduct Regulation Branch
Financial Services Regulatory Authority of Ontario (FSRA)
5160 Yonge Street, Box 85
Toronto ON M2N 6L9"