New Canadian rules take effect
February 23, 2010 | industry, international | Comments (0)We missed this from yesterday:
Under the new Loans Regulation, payday loan companies in Alberta will now only be able to charge a maximum of $23 for every $100 borrowed.
Though the Alberta government introduced the new rules last year, the maximum rate limit required federal approval before coming into effect.
“Payday lenders now have very clear rules to follow that give borrowers an accurate picture of how much a loan will cost and limits how much they can be charged,” said Service Alberta Minister Heather Klimchuk in a statement. “The federal government’s approval of the maximum cost of borrowing is the final piece of the regulation that provides consumers with strong protection.”
It’s neither here nor there, but Canadians are having a bad winter Olympics. The red, white and blue is cleaning up.
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