Proposal
Potential Reductions in the Maximum Total Cost of Borrowing a Payday Loan
Regulation Number(s):
Ontario Regulation 98/09
Instrument Type:
Proposal
Bill or Act:
Payday Loans Act, 2008
Summary of Proposal:
The Ministry of Government and Consumer Services is seeking input and comment on whether to lower the cost of borrowing a payday loan and, if so, what the maximum total cost of borrowing should be. The current cost of borrowing is set in regulation under the Payday Loans Act, 2008 at $21 per $100 advanced. The options for consideration include retaining the current maximum total cost of borrowing a payday loan and three reductions: $15 per $100 advanced, $17 per $100 advanced, and $19 per $100 advanced.
The government welcomes your input. Your comments will help inform decision-making.
You may submit your comments and ideas:
• to the Regulatory Registry;
• by e-mailing them to: ConsumerPolicy@ontario.ca with "Payday Loan Cost of Borrowing" in the subject line; or
• by mailing them to the address below.
The government welcomes your input. Your comments will help inform decision-making.
You may submit your comments and ideas:
• to the Regulatory Registry;
• by e-mailing them to: ConsumerPolicy@ontario.ca with "Payday Loan Cost of Borrowing" in the subject line; or
• by mailing them to the address below.
Further Information:
O. Reg. 98/09: General
Cost of Borrowing Consultation Paper
Proposal Number:
16-MGCS004
Posting Date:
April 20, 2016
Comments Due Date:
May 20, 2016
Contact Address:
ConsumerPolicy@ontario.ca
Consumer Policy and Liaison Branch
Ministry of Government and Consumer Services
5th Floor, 777 Bay Street
Toronto, Ontario
M7A 2J3
Consumer Policy and Liaison Branch
Ministry of Government and Consumer Services
5th Floor, 777 Bay Street
Toronto, Ontario
M7A 2J3