Payday Licensing FAQ's

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Welcome to the Payday Collection Agency Licensing ‘Frequently Asked Questions’ page.  Below you will find answers to some of the commonly asked questions.
To find out more about starting a business in British Columbia you can visit Small Business BC .  To find out more about corporate and tax registration visit OneStop BC Business Registry

APPLYING FOR A LICENSE
Q. Where do I find out how to apply for a licence?
Q. Where do I find out what documents are required?  
Q. Where do I find out the different types of payday collection licences?
Q. Who needs a criminal record check?
Q. Can I do my own criminal record check?
Q. How do I do a criminal record check?
Q. I had a criminal record check before, do I need to have a new one for my application?
Q. Can I run my business from my home?
Q. What are my obligations as a licencee?

FEES
Q. Where do I find out how much fees are?
Q. Are fees prorated? 
Q. What forms of payment do you accept?

NOTICE OF CHANGE
Q. How do I notify you that I am moving and/or changing my contact information?
Q. How do I notify you that I am changing officers?
Q. How do I notify you that I am changing my corporate name, or changing/adding a trade name? 
Q. How do I add a branch office?
Q. How do I inform you that I am selling my business? 
Q. Is my licence transferable?
Q. Do I get a refund if I cancel my licence?

GENERAL QUESTIONS
Q. How long does it take to process my application?
Q. How long is my licence good for?
Q. Will you send me a renewal notice?
Q. Can I operate before I receive my licence?
Q. Can I get a duplicate copy of my licence?

Applying for a Licence
Q. Where do I find out how to apply for a licence?
A. You can find the Complete Application Package on our Agency Forms web page. 

Q. Where do I find out what documents are required? 

A. You will find all the required documents in the Complete Application Package.  You can also download the Licence Application Checklist, which will list all the documents required for a complete application. 

Q. Where do I find out the different types of payday collection licences?
A. Go to our Do I Need a Licence webpage for a list of the definitions of designated payday collection activities. 

Q. Who needs a criminal record check?
A. All applicants (senior officers or partners  of the company)  are required to complete a criminal record check, .  If any Canadian applicants have a criminal record, the Statutory Declaration for Criminal Record Check must be submitted.  This form can be located on the Agency Forms web page. ALL APPLICANTS that do not reside in Canada MUST submit a certified criminal record check from their home jurisdiction (USA FBI Checker)

Q. Can I do my own criminal record check?
A. Yes you can do one through your local RCMP or police.  However, you must pay the cost if you chose to do a criminal record check yourself. 

Q. How do I do a criminal record check?
A. You can either do a criminal record check yourself through your local police or RCMP, or complete the Consent for Criminal Record Search form and include it in your application package to Consumer Protection BC.  This form can be found on the Agency Forms web page.  

Q. I had a criminal record check before, do I need to have a new one for my application?
A. Yes, your criminal record check must be current to the date of your application. (dated no more  6 months pre application)

Q. Can I run my business from my home?
A. Yes.  You must complete a Statutory Declaration of a Residential Address form which is located on the Agency Forms web page.  You must include a copy of a municipal licence authorizing the operation of a payday collection business from your home.

Q. What are my obligations as a licencee?
A. Licensing requirement include, but are not limited to:
  • complying with the payday collection laws under the Business Practices and Consumer Protection Act and the Payday Collection Industry Regulation; 
  • informing Consumer Protection BC immediately of any changes to your contact information or changes to the ownership or structure of the company; 
  • renewing your licence annually; 
  • providing copies of all contracts you use with your clients and all documents used for collecting, negotiating and demanding payments of paydays or negotiating for the payment of paydays to Consumer Protection BC; 
  • providing annual aggregated data with your renewal.

FEES

Q. Where do I find out how much fees are?
A. You can find the fee schedule on the Agency Forms webpage.  Select the current Fee Schedule document. 

Q. Are fees prorated?
A. Yes, as all payday loan licences expire on October 31st, fees are prorated based on your application date.  Prorated fees can be found on the Agency Forms webpage.  Select the current Fee Schedule document. 

Q. What forms of payment do you accept?
A. We accept both cheque and credit card payment.  To pay be credit card you must complete the Credit Card Payment Authorization Form located on the Agency Forms webpage.

NOTICE OF CHANGE 
Q. How do I notify you that I am moving and/or changing my contact information?

A. Complete the Notice of Change – Business Information form found on our Agency Forms web page.

Q. How do I notify you that I am changing officers?
A. Complete the Notice of Change – Partners of Corporate Officers form found on our Agency Forms web page.

Q. How do I notify you that I am changing my corporate name, or changing/adding a trade name?
A. Complete the Notice of Change – Business Information form found on our Agency Forms web page.

Q. How do I add a branch office?
A. Complete the Application for Additional Location  form found on our Apply for a Licence web page.

Q. How do I inform you that I am selling my business?
A. If you are selling the shares of the company Complete the Notice of Change – Purchase of Business form found on our Agency Forms web page.  The form must be signed by both the purchaser and seller.  If you are selling the assets of the company the new company will be required to complete a new application in its entirety. The checklist and application forms can be found on the Apply for a Licence page.

Q. Is my licence transferable?
A. No, a licence is not transferable.

Q. Do I get a refund if I cancel my licence?
A. No, licensing fees are non-refundable. 

GENERAL QUESTIONS
Q. How long does it take to process my application?
A. Application processing time is approximately 2-3 weeks but processing times may vary depending on volume.  

Q. How long is my licence good for?
A. Licences are renewed annually.  For payday loan agencies, all licences expire October 31. 

Q. Will you send me a renewal notice?
A. Yes, renewal notices will be sent approximately six weeks prior to expiry of your licence.

Q. Can I operate before I receive my licence?
A. No, you must be licenced to operate as a payday loan agency.

Q. Can I get a duplicate copy of my licence?
A. Please contact our licensing department to request a duplicate copy of your licence. Please note a fee applies for this service.