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Get a licence for a business that provides high-cost credit to a borrower in Alberta.
A high-cost credit business operator is a person who offers, arranges for, or enters into a high-cost credit agreement with a borrower in Alberta. This includes a lessor. Operators may conduct business either from a business premises or online.
A high-cost credit agreement means a credit agreement that provides for a rate of 32% and includes a lease but does not include a payday loan. There are 2 types of high-cost credit agreements:
For more information, see the High-Cost Credit Business Licence tip sheet.
Fixed high-cost credit means credit under a high-cost credit agreement that is not for open high-cost credit and that is not a payday loan.
Fixed high-cost credit products are often referred to as ‘instalment’ lending, and are typically for a fixed amount and have a schedule of payments. These products can include:
Open high-cost credit means credit under a high-cost credit agreement that:
Open high-cost credit products are often referred to as ‘revolving’ lending and do not have fixed, scheduled payments. These products can include:
If your business does not require this licence, you do not need to proceed further.
You will need to provide:
To get started, follow the instructions below to save and open the application form.
PDF form issues
Fillable PDF forms do not open properly on some mobile devices and web browsers. To fill in and save the form:
Application for a High-Cost Credit Business Licence (PDF, 1.9 MB)
Licence holders must notify Service Alberta in writing within 15 days of a change in:
Licence holders must notify Service Alberta in writing within 15 days of ceasing to carry on the activities for which the licence was issued.
It is your responsibility to ensure your licence is in force as long as you continue to do business. Once your licence is issued, note the expiry date and ensure your licence is renewed prior to this date.
Licensees must be able to provide confirmation of licensing on request. This can be done by providing a copy of the licence or by providing other confirmation that the business is properly licensed. This can include providing a link to the Find a Licensed Business search tool.
Note: applicant, directors, officers and partners are required to read the Consumer Protection Act and its regulations associated with this licence and understand that certain sections are of significance, including but not limited to the specific sections noted below.
High-Cost Credit Business Compliance Standards – Read and understand
Cost of Credit Disclosure Regulation
General Licensing and Security Regulation
High-cost credit: business tips
Copies of legislation can be obtained from the Alberta Queen’s Printer.
Hours: 8:15 am to 4:30 pm (open Monday to Friday, closed statutory holidays)
Phone: 780-427-4088 (Edmonton and area)
Toll free: 1-877-427-4088 (in Alberta)
Email: [email protected]
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