Regulation - LGIC

Reductions in the Maximum Total Cost of Borrowing a Payday Loan

Regulation Number(s):
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.
Further Information:
Proposal Number:
16-MGCS015
Posting Date:
August 29, 2016
Comments Due Date:
September 29, 2016
Contact Address:
Consumer Policy and Liaison Branch
Ministry of Government and Consumer Services
56 Wellesley Street West, 6th Floor
Toronto, Ontario
M7A 1C1