Present status: First Reading Carried
The Bill amends the pay day loans Act, 2008 as follows:
1. a restriction is made in the yearly interest that could be recommended within the laws according to the price of borrowing under a cash advance contract|loan agreement that is payday}.
2. The BorrowersвЂ™ Bill of Rights is initiated. It sets down axioms which will be considered in interpreting the Act.
3. Loan providers have to offer associated with BorrowersвЂ™ Bill of Rights to borrowers before stepping into a cash advance contract|loan agreement that is payday}. In the event that loan provider does not do therefore, the debtor can rescind the pay day loan agreement.
4. The Pay Day Loans Task Force is initiated. The balance sets out of the Task ForceвЂ™s composition and mandate. Continua a leggere