Payday Loan Establishment Licence
A Payday Loan Establishment is any premise where a licensee within the meaning of the Payday Loans Act, 2008 may operate a business according to a licence issued under that Act. All Payday Loan Establishments must provide educational material in accordance with the Act.
The fees for a Payday Loan Establishment Licence are:
- $150 annual licensing fee
- $75 annual application fee
Applying for a New Payday Loan Establishment Licence
Before applying for a new Payday Loan Establishment Licence, please contact Licensing Services to check the amount of Payday Loan Establishments currently operating in the city. If there are more than ten (10), then a new Payday Loan Establishment Licence cannot be issued.
To apply for a new Payday Loan Establishment Licence, the following documents are required:
- Payday Loan Establishment Licence application
- Ontario Business Name Registration (Master Business Licence and/or Articles of Incorporation)
- A valid Provincial Payday Lender Licence
- Commercial General Liability Insurance with a limit not less than two million dollars ($2,000,000) per occurrence with the City of Oshawa named as Additional Insured
Payday Loan Establishment Licence Renewal
To renew your annual Payday Loan Establishment Licence, the following documents are required:
- Payday Loan Establishment Licence renewal application
- Commercial General Liability Insurance with a limit not less than two million dollars ($2,000,000) per occurrence with the City of Oshawa named as Additional Insured
Payday Loan Establishment Licence Restrictions
In the City Of Oshawa, our Licensing By-law states:
- There will be no more than ten (10) Payday Loan Establishments within the municipal boundary
- Up to two (2) Payday Loan Establishments are allowed per ward
- Payday Loan Establishments are prohibited from operating in the Downtown Urban Growth Centre as defined in the Oshawa Official Plan
- Payday Loan Establishments cannot be located within one-hundred fifty (150) metres of another licensed Payday Loan Establishment or elementary or secondary school
These restrictions do not apply to the already licensed Payday Loan Establishments that continue to operate at their current locations and maintain and renew their municipal licence annually.