The B.C. government wants to create new rules for lenders who offer instalment loans, under legislation introduced Tuesday.
VICTORIA – Solicitor General Mike Farnworth said proposed changes to consumer protection law will create a licensing and regulatory system for businesses that offer instalment loans, as well as ban some practices the government considers unfair.“This bill aims to better protect consumers from potentially harmful and predatory business practices,” he said.
The changes would build upon measures from 2018 that tightened rules on payday-lending and reduced the maximum fee lenders can charge to $15 per $100 borrowed. Payday loans are high-cost loans for people seeking $1,500 or less for a term of 62 days or less.Tuesday’s legislation focused on instalment loans, which are for greater amounts up to $10,000 and, unlike payday loans, offer repayment over several instalments.
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