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Bill 234, Pay Day Loans Accountability Act, 2020

Present status: First Reading Carried

Variations

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 Borrowers’ 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 Borrowers’ 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 Force’s composition and mandate. Continua a leggere