Regulation - LGIC

Proposed amendments to the General regulation under the Consumer Protection Act, 2002 and to the General regulation under the Payday Loans Act, 2008.

Regulation Number(s):
Bill or Act:
Consumer Protection Act, 2002; Payday Loans Act, 2008
Summary of Proposal:
This consultation paper proposes ways to strengthen protections for consumers using payday loans and other alternative financial services, including cheque cashing, rent-to-own, and instalment loans.

This consultation paper is divided into two sections. The first section includes proposed draft regulatory language focused on payday lending and cheque cashing services. Your input on the proposed regulatory changes will help inform decisions on whether and how those regulations should change.

The second section includes broader questions focused on instalment loans, rent-to-own, and disclosure-related elements of payday lending. Your input on these matters will inform the development of draft regulations, which will, in turn, be posted for public comment in a phase 2 consultation paper planned for fall 2017. It is proposed that the first phase of regulations would come into effect in early 2018 and the second phase in early 2019.

This consultation paper is one of several consultation papers that support the implementation of the Putting Consumers First Act (Consumer Protection Statute Law Amendment), 2017. That act, which received Royal Assent on April 13, 2017, addressed home inspections, door-to-door sales, debt collection, and alternative financial services, such as payday loans. Consultations on the other topics are underway or are planned.

The consultation paper linked below explains the proposed regulation amendments and invites comments.

You may provide comments directly via the email link below or to the address set out in the consultation proposal.
Further Information:
Proposal Number:
Posting Date:
July 7, 2017
Comments Due Date:
August 21, 2017
Contact Address:
ATTN: Consumer Financial Protection regulations
Consumer Policy and Liaison Branch
Ministry of Government and Consumer Services
56 Wellesley Street West - 6th Floor,
Toronto, ON, M7A 1C1