ICBC, BCSC, & COVID Fines: Debt Update

by Homestead Insurance | May 14th, 2021 |    8comments
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Image Source: www.ICBC.com

Effective March 29, 2021, the BC Securities Commission has the power to force ICBC to refuse the renewal or issuance of your driver's licence, vehicle licence, and vehicle plates if you have securities-related debt -- for example, someone "who has not fully paid a BCSC-imposed sanction for investment misconduct" (BCSC, 2021).

This is the first administrative collaboration of its kind among equavalent provincial agencies in Canada. For this new measure to be used on individuals with securities-related debt, the amount owing must be greater than $3,000; the BCSC will also decide whether or not to issue this order to ICBC on a "case-by-case basis" (BCSC, 2021). Debtors will be notified by the BCSC if the agency decides to use this measure and if the debtor agrees to pay or fully pays off the debt, BCSC will cease from using this enforcement method.

While ICBC has often collected other forms of debt from individuals on refuse-to-issue (RTI) basis, including for traffic violation tickets, Family Maintenance Enforecment Program (FMEP) owings, and toll bridge fees when they were previosuly collected, new administrative developments such as these can shape the trajectory of intergovernmental behaviour, the bureaucratic network, and can directly affect the everyday actions of people in what seems to be an increasing trend.

If you are struggling with debt and other financial burdens, do not hesitate to speak with a financial professional. Otherwise, your mobility may become much more limited!

UPDATE - May 12, 2021

Similar to ICBC's new role of collecting and enforcing debt for the BCSC and violation tickets, ICBC will now be enforcing Refuse-to-Issue (RTI) statuses for people who owe COVID fines.

  --  The Homestead Insurance Team

BCSC. (2021, Mar 31). Driving priveleges at risk for those who don't pay BCSC penalties. Retrieved from https://www.bcsc.bc.ca/about/media-room/news-releases/2021/18-driving-privileges-at-risk-for-those-who-dont-pay-bcsc-penalties