Newspaper article The Canadian Press

B.C. Moves on Consumer Protections with Payday Loan Law Amendments

Newspaper article The Canadian Press

B.C. Moves on Consumer Protections with Payday Loan Law Amendments

Article excerpt

B.C. strengthens payday loan protections

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VICTORIA - British Columbia is amending consumer protection law to offer more safeguards for people forced to turn to high-cost loan services and risk being caught in an endless cycle of debt payments.

Solicitor General Mike Farnworth says proposed amendments to B.C.'s Business Practices and Consumer Protection Act will set limits on borrowing costs, prohibit certain fees and charges and restrict the use of borrowers' personal information.

The minority New Democrat government highlighted stronger consumer protection measures in its throne speech earlier this month, saying it plans to crack down on unfair payday loan practices.

Last June, the government capped fees for cashing assistance cheques at $2 plus one per cent of the value of the cheque up to a maximum of $10 and lowered the maximum fees for payday loans to $15 for every $100 borrowed. …

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