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ARTICLE · 24 SEPTEMBER 2013

Lenders May Soon Need A License To Issue Loans Under $5000

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The Ministry of Consumer Services has issued proposed regulatory amendments to the Payday Loans Act, 2008, which are scheduled to come into force on October 31, 2013.

CanadaFinance and Banking
Aird & Berlis LLP
Aird & Berlis LLP
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The Ministry of Consumer Services (the "Ministry") has issued proposed regulatory amendments to the Payday Loans Act, 2008 (the "Act"), which are scheduled to come into force on October 31, 2013. The effect of the amendments, as currently drafted, will be to dramatically increase the scope of the Act's application, including to all loans under $5,000.

Specifically, the amendment stipulates that the Act will apply to a loan under which a lender extends credit to a borrower so that the borrower may make one or more draws for up to an aggregate amount of principal and to which one of the following criteria applies, except where such loan is secured against real property:

  1. The aggregate amount is $5,000 or less.

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