The Cost of Credit Disclosure and Payday Loans Act requires that any person offering, arranging or providing a payday loan must obtain a licence in New Brunswick.
“Payday lender” means a credit grantor who offers, arranges or provides a payday loan (prêteur).
“Payday loan” means a loan of money (prêt sur salaire)
- with a principal of no more than $1,500,
- with a term that is no longer than 62 days, and
- that is made in exchange for a post-dated cheque, a pre-authorized debit or a future payment of a similar nature but not for any guarantee, suretyship, overdraft protection or security on property and not through a margin loan, pawnbroking, a line of credit or a credit card.
It is the responsibility of the applicant for a licence to become familiar with the Act and the Rules and Regulations.
Every applicant should exercise care in completing the application. Extra care will avoid delays which occur when applications must be returned because of incomplete answers or information. Applications for licence will not be processed unless all information and documentation is provided.
The application for licence can be accessed through the FCNB Portal or for more information, call 1-866-933-2222.