(*)Believes Province-Wide Regulation is Still Needed to Protect All
OTTAWA, April 30 /CNW Telbec/ - The Canadian Payday Loan Association
(CPLA) today acknowledged new regulations announced by the Ontario government
but highlighted that comprehensive province-wide regulation as now allowed by
new federal legislation is required to protect all consumers from the worst
players in the payday loan industry.
"We've been working closely with the Government of Ontario to formulate
these important measures to protect consumers," said CPLA President Stan
Keyes. "However we believe that even with these new regulations, consumers
won't be fully protected until the Government of Ontario takes advantage of
the new federal law and introduces comprehensive regulation that protects
consumers and allows for a viable industry while putting the worst payday loan
players out of business."
The CPLA has been a constructive partner with government in the formation
of the regulations announced today and is committed to the consultation
process on province-wide legislation announced by the Government of Ontario
The federal government last week passed ground-breaking legislation (Bill
C-26) that will allow provinces - for the first time - to regulate the payday
loan industry as long as a province passes consumer protection legislation and
sets a maximum allowable rate of borrowing.
The provinces of Manitoba and Nova Scotia have already passed the
required legislation. The provinces of British Columbia and Saskatchewan
currently have legislation in front of their parliaments, while the provinces
of Alberta and New Brunswick are expected to introduce legislation this fall.
The CPLA is very pleased to see the Ontario Government has launched a
thoughtful consultation process. The CPLA will participate in the
consultations fully as it continues to call for comprehensive regulation that
will allow for a viable industry and consumer protection while putting the
worst players in the industry out of business.
Upwards of 2 million Canadians use payday loans every year. The CPLA
represents 500 of the 1350 stores operating in Canada today.
For further information:
For further information: Stan Keyes, (905) 645-4434