Potential 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 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.
April 20, 2016
Comments Due Date:
May 20, 2016
Consumer Policy and Liaison Branch
Ministry of Government and Consumer Services
5th Floor, 777 Bay Street