Financial and Consumer Affairs Authority of Saskatchewan

FCAA is Saskatchewan’s financial and consumer marketplace regulator.

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    The Trust and Loan Corporations Act, 1997 (the “T&L Act”) provides the legislative framework for the regulation loan brokers.

    A loan broker is a person (individual, corporation or partnership) that provides services or products to a consumer in obtaining a loan from another person. Services include referring a consumer to a lender, referring a lender to a consumer, or providing a lender or consumer with information about the other.

    Persons involved with a loan of money made on the security of real property are not loan brokers. When real property is involved, The Mortgage Brokerages and Mortgage Administrators Act will apply and a licence under this legislation may also be required.

    If you are seeking registration as a loan broker, you must:

    • submit a completed application form;
    • provide all of the supporting materials described in the licensing kit;
    • remit the $500 initial review fee;
    • remit the $500 registration fee (note: this fee will be refunded if your application is refused).

    Loan brokers are prohibited from requiring or accepting any payment from a consumer unless:

    • the loan broker is registered;
    • the loan broker provides the consumer with the written disclosure required by the legislation; and
    • the consumer has actually received the proceeds of the loan.

    Every arrangement or agreement that does not meet these three criteria is void.

    The T&L Act contemplates every loan broker, other than those exempted by the Superintendent, as having a bond in the amount and form prescribed by the Superintendent. This information will be communicated to an applicant upon review of the applicant and their proposed business model.

    Consumer Credit Division

    Suite 601, 1919 Saskatchewan Drive

    Regina, Saskatchewan S4P 4H2

    Tel: (306)787-6700

    Fax: (306)787-9006

    Email: fid@gov.sk.ca

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