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The province is taking “a good very first step” with legislation passed Tuesday that may offer protection that is additional

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for pay day loan borrowers by capping interest levels and charges on defaulted loans.

“It’s the first faltering step,” North Bay deputy mayor Tanya Vrebosch says, noting the most rates of interest charged by the businesses are “very costly, as near to a loan shark as possible get.”

The modifications are within the COVID-19 Economic Recovery Act, 2020, tabled by the Doug Ford federal federal government.

Amendments towards the pay day loans Act, 2008, will cap the attention price loan providers may charge on payday advances which are in standard. 続きを読む