CPLA Respects Decision by Nova Scotia Utility and Review Board

HAMILTON, ON, Feb. 1 /CNW/ - The Canadian Payday Loan Association (CPLA) said today's decision by the Nova Scotia Utility and Review Board (UARB) shows that the regulator continues to work diligently to find a balanced and fair approach for both consumers and industry.

"Our members recognize that the Utility and Review Board must find the right balance between protecting consumers and having a viable, competitive industry that is able to serve Nova Scotians who turn to responsible payday loan operators for their financial needs," said the Honourable Stan Keyes, President of the CPLA. "We respect the UARB's work in sorting through varying opinions and substantial evidence in arriving at today's decision."

In its decision released today, the UARB ordered that the maximum cost of borrowing in Nova Scotia be lowered from $31 per $100 to $25 per $100, effective January 1, 2011. The present rate has been in place since August 2009 when Nova Scotia became the first province in Canada to put in place regulations for the payday loan industry

The CPLA represents 21 responsible payday loan companies - covering more than 600 retail outlets - across Canada. For the last six years, the CPLA has been actively seeking legislation and regulation of the payday loan industry. Six provinces to date (British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Nova Scotia) have completed regulation of the payday loan industry by passing a package of consumer protection regulations which includes a cap on the maximum cost of borrowing.

SOURCE Canadian Payday Loan Association (CPLA)

For further information:

Hon. Stan Keyes, P.C.
Office: (905) 522-2752
Email: stan.keyes@cpla-acps.ca

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Canadian Payday Loan Association (CPLA)

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