New rules in Canada
November 2, 2009 | industry, international | Comments (0)From the story:
Lenders, including phone and Internet lenders, are now prohibited from:
- Lending more than 50 per cent of a borrower’s take-home pay or requiring repayment before the borrower’s next payday.
- Charging more than 23 per cent of the amount borrowed in interest and fees.
- Requesting an assignment of wages, or collecting from a borrower’s employer.
- Using practices that unreasonably increase the borrower’s debt load, including rollovers that require borrowers to pay significant extra fees for extending the time to pay a loan.
- Operating unless licensed by Consumer Protection B.C.
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