As of August 1, 2008, legislative amendments were made to the Loan and Trust Corporations Act in accordance with the Responsible Choices for Growth and Accountability Act (2001 Budget).
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 (FSRA).
- The definition of "bank mortgage subsidiary" is repealed and the definition of "loan corporation" is amended so that a bank mortgage subsidiary is no longer excluded from the definition. As a result, 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 FSRA in order to continue to operate as loan corporations in Ontario as of August 1, 2008.
Note: all loan and trust corporations must first be federally incorporated before applying for registration to conduct business as a loan and trust corporation in Ontario.
Pursuant to Ontario Regulation 149/08, which came in into force on August 1, 2008, all registered loan and trust corporations must provide FSRA with the current address of the head office of the registered corporation, the current telephone number of the head office and the name and email address of the corporation's current president. Please continue to update FSRA with this information. FSRA will notify you directly if any other information is required.
Questions about loan and trust registration requirements?
Financial Services Regulatory Authority of Ontario
25 Sheppard Avenue West, Suite 100
Toll free: 1-800-668-0128