Canada Payday Loan Laws & Legislation Update
The Province of Ontario will complete its regulation of the payday loan and cash advance industry as of December 15, 2009. This includes includes a maximum rate of $21 per $100 loaned. Included in the new regulations are strong consumer protections in conjunction with good, solid, and fair enabling legislation thus assuring the future of the payday loan industry in Ontario.
Payday Loan Laws in British Columbia - Canada
Canada: British Columbia announced new regulations capping total charges for payday loans offered in the province at $23 per $100 loaned including all interest and fees.
Payday Loans Ontario Canada Board Recommends $21 per $100 Loaned
An independent advisory board has determined that the Ontario Province of Canada should place a maximum interest rate on all payday loans conducted in Ontario at $21 per $100 loaned.
Canada Payday Loans Manitoba
Manitoba Provincial legislation to put a cap on interest rate loans takes effect this fall. The province has approved the rate upheld by the federal Criminal Code, to set maximum interest rates for short-term loans.
