Frances Nunziata is asking for you to give the province input on payday loan, rent-to-own and cheque cashing stores—what she calls “predatory lenders”. The proposed changes would make payday loans less attractive.
For payday loan shops, province is considering
- Extended payment periods for repeat borrowers
- Lowered lending limits
- An extended, six-day waiting period
- Clear display of the cost of borrowing and credit counselling information
Most intriguingly, the province is also asking that credit unions be exempt from these regulations.
You can provide feedback on all the proposed changes.