Comment 1362

By adrian (registered) | Posted October 11, 2006 at 14:43:56

The legislation has been introduced. From the Star on Friday, Oct 6:

The federal government has introduced Criminal Code changes that would end the legal uncertainty over high-interest short-term lending by the booming payday loan industry.

The bill presented today would give the provincial governments authority to regulate payday loans, which typically involve lending a few hundred dollars to a get borrowers through to their next payday.

Justice Minister Vic Toews said today the proposed legislation gives provinces the tools they need to protect consumers from what he called “questionable business practices.”

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