(*) Will participate in public consultations and represent best players
in the industry who are committed to real consumer protection and fair
VANCOUVER, April 18 /CNW/ - The Canadian Payday Loan Association (CPLA)
today applauded the British Columbia government for introducing important
payday loan legislation that will regulate the industry and balance consumer
protection with a viable industry.
The introduction of the legislation came on the same day that the federal
Senate Banking, Trade and Commerce Committee passed Bill C-26 which will allow
provinces - for the first time - the authority to regulate the payday loan
industry. The Senate is expected to officially pass the bill in "Third
Reading" in the coming days.
The CPLA has been actively calling on governments across the country for
two years to introduce and pass effective payday loan legislation.
Many of the elements of British Columbia's legislation today are included
in the CPLA's "Code of Best Business Practices" - introduced two years ago and
monitored by an independent Ethics and Integrity Commissioner to ensure
adherence among CPLA members.
"This legislation is an important step for real consumer protection in
British Columbia," said Stan Keyes, the President of the CPLA. "The CPLA will
participate actively in all consultations on this legislation and represent
the best players in the industry. We will work diligently to ensure the
legislation allows all industry players that are serious about consumer
protection to operate viably - but will not shy away from highlighting bad
practices that must be eliminated for the benefit of consumers."
The new BC legislation effectively harmonizes the province's approach to
regulation with recent legislation in Manitoba, Saskatchewan and Nova Scotia.
New Brunswick is expected to introduce legislation this spring, with Alberta,
Ontario and other Atlantic provinces to follow.
Upwards of 2 million Canadians use payday loans every year to cover
small-sum, short-term emergencies. Loans are capped at $1,500, with the
average loan being $300 for 10 days.
For further information:
For further information: Jeremy Twigg, Fleishman-Hillard, (604) 688-2505
(office), (604) 306-4036 (mobile); Hon. Stan Keyes, President, CPLA, (905)