Required: debt settlement service permit (OPC).
A business that negotiates with your creditors or receives your money to pay them must hold a debt settlement service merchant licence from the OPC. Some professionals, such as licensed insolvency trustees, lawyers and notaries, don't need one.
Why it matters: To get this licence, the business must post a $50,000 bond with the OPC, which can be used to compensate its clients if it fails to meet its obligations. The law also requires it to keep your money in a trust account and to take its fees only after making a payment to one of your creditors.
Businesses currently holding this licence in the official lists: 2.
Official sources: Consumer Protection Act, s. 321 · Consumer Protection Act, s. 214.12 · Consumer Protection Act, s. 214.13 · Consumer Protection Act, s. 214.26 · Consumer Protection Act, s. 214.27 · Consumer Protection Act, s. 214.17 · Consumer Protection Act, s. 322 · Regulation respecting the application of the Consumer Protection Act, s. 108.1.3.3 · Regulation respecting the application of the Consumer Protection Act, s. 79.15 · OPC — Ai-je besoin d'un permis? · OPC — Fournir un cautionnement · OPC — Consumer Tips: Before Doing Business With a Debt Settlement Service Merchant, last u
Licensed insolvency trustees, lawyers, notaries, bailiffs and certain other professionals are not covered by this licence when they negotiate your debts. Check their status with their professional order or the trustee register instead.
Credit-repair and budgeting services don't need this permit.
Official sources: Consumer Protection Act, s. 214.13