Regulation - LGIC
Reductions in the Maximum Total Cost of Borrowing a Payday Loan
Regulation Number(s):
Ontario Regulation 98/09
Instrument Type:
Regulation - LGIC
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.
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:
O.Reg. 98/09: General
Draft Regulation
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
Ministry of Government and Consumer Services
56 Wellesley Street West, 6th Floor
Toronto, Ontario
M7A 1C1