Financial and Customer Affairs Authority of Saskatchewan

Financial and Customer Affairs Authority of Saskatchewan

FCAA is Saskatchewan’s economic and customer market regulator.

Submit an application for a licence

Credit Rating Division

Suite 601, 1919 Saskatchewan Drive

Regina, Saskatchewan S4P 4H2

Submit an application for a licence

Running a payday lender company in Saskatchewan is a privilege that accompany a wide range of responsibilities.

As being a payday loan provider holding on business in Saskatchewan, you need to adhere to The pay day loans Act, plus the Payday Loans Regulations.

The certification toolkit contains way on how best to submit an application for a licence to continue company being a lender that is payday Saskatchewan. Please make reference to the Registration and Licensing System (RLS) information for directions on how best to finish an on-line application.

Your payday lender licence is an extremely essential element of running your company. Please just take time that is sufficient finish the application accurately and totally, and submit it well prior to the date you want to begin holding on business in Saskatchewan.

To be able to have your application prepared in a manner that is timely be sure to make sure that the internet application is entirely completed and all sorts of required supporting paperwork is connected. Make sure to submit a cheque payable to your Minister of Finance for the $3,000.00 annual cost, per certified location. Incomplete applications and applications with no accompanying payment will never be prepared.

Us and we will assist you if you have questions about completing your application, please contact.

Annual Licence Renewal

Your payday loan provider licence is granted for the twelve thirty days duration, expiring twelve months through the date of issue. Please guarantee you submit your web renewal application and accompanying payment before your licence expires. Please make reference to the Registration and Licensing System (RLS) information for instructions on how best to finish a renewal application that is online.

The permit application in RLS is sectioned off into « legal entity » abd « physical location: elements. A licence is actually for every real location, and every licence expires 12 months through the date of problem. Within the renewal procedure, one per year each lender will have to upgrade the appropriate entity information.

Extra Information

If your licensed payday lender with one or more location wants to try to get another phyiscal location licence, it could achieve this without the need to re-submit all the appropriate entity information. Nonetheless, the appropriate entity information needs to be updated yearly, appropriately, some candidates might find that the timing of submissions is in a way that the appropriate entity info is needed.

Disastrous effect of pay day loans set bare with 82 boost in individuals looking for aid in just one 12 months

The disastrous effect that pay day loans might have happens to be underlined by brand brand new figures from the financial obligation charity that demonstrate an 82 percent boost in how many people looking for assistance.

StepChange today reveals so it handled 66,557 individuals who desired assistance as a result of pay day loan dilemmas in 2013. The year that is previous figure was indeed simply 36,413.

Final 12 months the charity handled ?110 million-worth of pay day loan financial obligation, up from ?60 million in 2012. The charity dealt with 202,333 payday loan debts in 2013, up from 109,302 the previous year with the average payday loan client holding three payday loans.

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Mike O’Connor, leader of StepChange, stated: “The widespread harm and misery brought on by pay day loans carry on unabated. The industry has did not deal with the issues causing untold misery and harm to financially vulnerable consumers throughout the UK. ”

The high-cost credit sector is supposed to be controlled by the Financial Conduct Authority from April which is anticipated that the town Watchdog will go forward a tougher crackdown on rogue loan providers whom prey on susceptible individuals.

“We hope the FCA’s proposals will deal with a few of the regions of customer detriment, but on dilemmas such as for instance affordability checking, rollover and repeat borrowing, there is certainly a need that is urgent a lot more radical reform, ” stated Mr O’Connor.

The charity has required a method of real-time information sharing, to cut along the issue of numerous payday borrowing, whenever struggling individuals frequently borrow from various loan providers to repay their financial obligation but fall under a financial obligation spiral as high interest along with other fees are added.

In addition it supports a limit on unreasonable interest and costs, that has been needed by MPs and consumer teams.

StepChange has additionally called for the banning of unsolicited real-time promotion of pay day loans as a result of its research unveiled that 26.3 million individuals was in fact provided high-interest credit through unsolicited advertising telephone telephone telephone calls or texts.

Earlier in the day this week the town Watchdog had been urged to do something against payday loan providers which can’t justify their high costs. Which? Called from the Financial Conduct Authority to analyze loan providers accused of getting default that is excessive, following its investigation uncovered 10 payday lenders with standard charges of ?20 or maybe more, with Britain’s most-profitable payday lender Wonga actually asking ?30.

StepChange said the FCA should make use of abilities to ensure debts are maybe perhaps not artificially inflated through unreasonable interest and fees.