Mortgage Lender Licence

Apply for a Mortgage Lender Licence. You need the licence to lend money that’s secured by real property or represent yourself as a mortgage lender. Mortgage lenders also need a licence to do business in Nova Scotia.

By law, you must have a Mortgage Lender Licence to lend money secured by real property or represent yourself as a mortgage lender.

Compliance officer

A mortgage lender needs to have a compliance officer (you designate the compliance officer when you apply for a Mortgage Lender Licence).

The compliance officer is the main contact for all business licensing activities with the Business Licensing Section (for example, applying for licences, renewing licences and compliance with the Mortgage Regulation Act and regulations).

The compliance officer needs to meet following criteria:

they’re 19 or older
they’re a Canadian resident
they have a criminal record check from the Royal Canadian Mounted Police (RCMP), municipal police department or military police (you need to get the criminal check in person and can’t use a third-party or private company to complete the check)
they provide confirmation that they have read and understand the Mortgage Regulation Act and regulations and agree to follow all requirements

The compliance officer also needs to be:

director or officer of the mortgage lender if the brokerage is a corporation
partner of the of the mortgage lender if the lender is a partnership (general and not limited)
general partner or director or officer (of a corporation that is a general partner) of the mortgage lender if the lender is a limited partnership
sole proprietor of the mortgage lender if the lender is a sole proprietorship

Eligibility

Your company needs to be registered with Registry of Joint Stock Companies. Your company lends money secured by real property.

If the mortgage lender is a sole proprietorship, the sole proprietor needs to be a Canadian resident. If the mortgage lender is a corporation or partnership, it must be formed or incorporated under the provincial, territorial or federal laws of Canada.

The compliance officer needs to complete the application.

How to apply

Apply online for the licence.
Check the application for details on all required supporting documents.
Include payment with your application.
Submit your completed application, supporting documents and payment.

How long it takes

It should take 2 weeks to get the licence. It can take longer if more information is needed or if your application hasn’t been filled in correctly.

Cost

Activity	Fee
Licence	$600

Payment options

Credit card (Visa, Mastercard, American Express, Discover), debit card.

When you pay online you need to pay the fee by credit card (Visa, Mastercard, American Express, Discover, Visa Debit, Debit Mastercard).

Before you start

Make sure you have:

Registry ID for the business (from Registry of Joint Stock Companies)
location of company’s financial records in Canada
name and address of agent for service in Nova Scotia (the agent is authorized to accept documents in Nova Scotia on behalf of the company)
criminal record check for the sole proprietor, partners and officers of the business by the RCMP, municipal police department or military police
criminal record check for the compliance officer by the RCMP, municipal police department or military police
proof of errors and omissions insurance that provides extended coverage for loss resulting from fraudulent acts
compliance officer available to complete the form

A criminal record check can only be completed by the RCMP, municipal police department or military police. You need to get the criminal check in person and can’t use a third-party or private company to complete the check.

Apply online

When you apply online you need to create an account or sign in.

Start now

Renewal

You need to renew your Mortgage Lender Licence by 31 October each year. You should get a renewal notice by email before the renewal date. It’s your responsibility to renew on time.