Information
Payday Lending Panel Findings and Recommendations Report
Regulation Number(s):
O. Reg. 98/09
Instrument Type:
Information
Bill or Act:
Payday Loans Act, 2008
Summary of Proposal:
Help Improve Payday Lender Protection
The Ministry of Government and Consumer Services is seeking feedback on the attached report on payday lending.
This report makes recommendations on how to strengthen protection for Ontario's payday loan borrowers. The goals of those recommendations include:
• How to reduce the risks posed by unlicensed lenders and loan brokers;
• How to ensure that online borrowers receive the information they need to make informed decisions;
• How to create a "safe landing" for borrowers who have taken out several loans in a short period of time; and
• How government can keep the legislation and regulations working for consumers in the years ahead.
The recommendations were developed by a volunteer panel of stakeholders with expertise in the payday lending industry. As part of the Payday Loans Act Review, the Ministry of Government and Consumer Services assembled this panel to discuss how to improve financial protection for payday loan borrowers. In particular, they were asked to recommend changes to the Payday Loans Act, 2008 and the regulations made under the Act. Their recommendations were developed through six meetings in early 2014.
Consultation on this report is expected to be followed by additional consultation on refined proposed changes to the Payday Loans Act, 2008 and its regulations.
How You Can Help
The Ministry of Government and Consumer Services is seeking public input on this paper to help identify how the Payday Loans Act its regulations could be changed to enhance consumer protection.
We are looking for your feedback on the proposals in this report.
You may submit your comments and ideas:
• to the Regulatory Registry;
• by e-mailing them to consumerpolicy@ontario.ca with "Payday Loan Report" in the subject line; or
• by mailing them to:
Payday Loans Act Review
Consumer Policy and Liaison Branch
Ministry of Government and Consumer Services
5th Floor, 777 Bay Street
Toronto, ON M7A 2J3
You may submit them directly or use the feedback form provided.
Thank you for taking the time to review these proposals. We look forward to your response.
The Ministry of Government and Consumer Services is seeking feedback on the attached report on payday lending.
This report makes recommendations on how to strengthen protection for Ontario's payday loan borrowers. The goals of those recommendations include:
• How to reduce the risks posed by unlicensed lenders and loan brokers;
• How to ensure that online borrowers receive the information they need to make informed decisions;
• How to create a "safe landing" for borrowers who have taken out several loans in a short period of time; and
• How government can keep the legislation and regulations working for consumers in the years ahead.
The recommendations were developed by a volunteer panel of stakeholders with expertise in the payday lending industry. As part of the Payday Loans Act Review, the Ministry of Government and Consumer Services assembled this panel to discuss how to improve financial protection for payday loan borrowers. In particular, they were asked to recommend changes to the Payday Loans Act, 2008 and the regulations made under the Act. Their recommendations were developed through six meetings in early 2014.
Consultation on this report is expected to be followed by additional consultation on refined proposed changes to the Payday Loans Act, 2008 and its regulations.
How You Can Help
The Ministry of Government and Consumer Services is seeking public input on this paper to help identify how the Payday Loans Act its regulations could be changed to enhance consumer protection.
We are looking for your feedback on the proposals in this report.
You may submit your comments and ideas:
• to the Regulatory Registry;
• by e-mailing them to consumerpolicy@ontario.ca with "Payday Loan Report" in the subject line; or
• by mailing them to:
Payday Loans Act Review
Consumer Policy and Liaison Branch
Ministry of Government and Consumer Services
5th Floor, 777 Bay Street
Toronto, ON M7A 2J3
You may submit them directly or use the feedback form provided.
Thank you for taking the time to review these proposals. We look forward to your response.
Further Information:
Payday Lending Panel Report
Feedback form
Proposal Number:
14-MGCS015
Posting Date:
December 18, 2014
Comments Due Date:
February 2, 2015
Contact Address:
Ministry of Government and Consumer Services
Consumer Policy and Liaison Branch
777 Bay Street, 5th Floor
Toronto, ON M7A 2J3
consumerpolicy@ontario.ca
Consumer Policy and Liaison Branch
777 Bay Street, 5th Floor
Toronto, ON M7A 2J3
consumerpolicy@ontario.ca