Reductions in the Maximum Total Cost of Borrowing a Payday Loan
Ontario Regulation 98/09
Bill or Act:
Payday Loans Act, 2008
Summary of Proposal:
The Ministry of Government and Consumer Services is proposing to make the following regulation change under the Payday Loans Act, 2008.
It is proposed that O.Reg 98/09 be amended to reduce the maximum total cost of borrowing from $21 per $100 advanced first to $18 per $100 advanced, effective January 1, 2017; and then to $15 per $100 advanced effective January 1, 2018.
The ministry welcomes feedback and encourages anyone interested to provide comments on its proposal.
You may submit your comments:
• to the Regulatory Registry;
• by e-mailing them to: ConsumerPolicy@ontario.ca with "TCOB Regulation" in the subject line; or
• by mailing them to the address below.
August 29, 2016
Comments Due Date:
September 29, 2016
Consumer Policy and Liaison Branch
Ministry of Government and Consumer Services
56 Wellesley Street West, 6th Floor