Province introduces new payday loan regulations
 

VANCOUVER (NEWS1130) - The B.C. government is changing payday loan regulations so that consumers in need of money are protected from excessive charges.

Starting November first, payday loan companies will have to be upfront and clear about their lending policies. Lending contracts will not include legal jargon, like in the past. To further protect consumers from excessive fines, roll-over fees will be eliminated and lenders will have to work with customers to arrange payments, instead of using traditional collections' practices.

Scott Hannah of the Credit Counseling Society says it's very important you know what the cost of your loan is and what the late fees are before you borrow. "Well what we've seen in the past is that many of these loan agreements were very convoluted, difficult to understand and had a lot of hidden language and legal language within the body of the contract. Quite frankly, most people didn't read it."

Interest rates and fees from payday lenders will be capped at 23 per cent and lenders will not be allowed to give out more than half of the borrower's actual pay. Under the new laws the loan may be cancelled by the customer by the end of the next day without penalties. Payday loan companies will also have to obtain licensing from the Consumer Protection Branch before lending.
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At first I thought you were talking about the newspaper company "The Province". I was like wtf? Then I came in here and read the whole thing.

this is VERY VERY good news.

I have heard the horror stories of people going into 15k+ debt with these guys because the fine print, rollovers, and generall fucking them in the ass.

first piece of legislation I have supported in 25 years. ya!

Fucking Shylocks

these places are good for washing money anyways.

If you're cashing your cheque there or taking a payday advance you have bigger issues. We have people that work for us that will go there and cash a $5000 cheque.......holy fuck open up a bank account you dirtbag. Once in a while I'll get a call from money mart or a company like it looking for an employee that took a payday advance. I'll literary laugh at them, "You did what? You advanced him money? Hahaha goodluck with that, can't help you maybe try calling him at home?" Click.

Saying that these same people need protection from themselves so I see the changing of the laws as a positive thing.

These places are like a circus on Wednesdays.

Considering the target demographic of this forum. I highly doubt anyone here would use their service in the first place.

I highly doubt it will deter much, it seems society as a whole is relying the gov to read the fine print for them.