HAMILTON, ON, April 22 /CNW/ - The Canadian Payday Loan Association
(CPLA) today applauded the PEI government for introducing important payday
loan legislation that will regulate the industry and balance consumer
protection with a viable industry.
The province will also move ahead this year to set the maximum allowable
charges for payday loans - closely following British Columbia ($23 per $100),
Ontario ($21 per $100) and Nova Scotia ($31 per $100).
The CPLA has been actively calling on governments across the country for
five years to introduce and pass effective payday loan legislation and set
maximum rates of borrowing that balance consumer protection with industry
"This legislation is an important step for real consumer protection in
PEI," said Stan Keyes, the President of the CPLA. "The CPLA will continue to
be an industry leader in protecting consumers and will participate actively in
advising on reasonable rates for this important financial product."
The CPLA has conducted research with Atlantic Canada payday loan
customers that demonstrates customers to be well-informed, well-educated and
deliberate in choosing this financial alternative. The study can be found at:
The PEI payday loan legislation follows similar legislation in British
Columbia, Saskatchewan, Manitoba, Ontario, New Brunswick and Nova Scotia.
Upwards of 2 million Canadians have used payday loans 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: Hon. Stan Keyes - President of the CPLA, (905)