On June 14, 2015 the Ontario Ministry of Government and Consumer
Services launched a consultation process seeking feedback on
proposed approaches for consumer protection for services including
alternative financial services, payday loans, money transfer
services and debt collection. The feedback will be used by the
Ministry to advise the Government of Ontario on legislative and
regulatory reforms governing businesses that market and provide
these types of services to consumers. The consultation paper
outlines a number of potential reforms that impact, amongst others,
payday lenders, loan brokers, purchasers of overdue debt and debt
collectors.
The biggest impact to the commercial finance industry is
the proposed changes to debt collection and settlement. In
reviewing the proposed exemptions identified below, it would be
helpful to advise us of any concerns you may have prior to the
deadline for submitting feedback to the Ministry (August 14, 2015),
particularly given
