Payday loan regulation starts this fall
New provincial rules regulating payday loans will take effect Oct. 18, the Selinger government announced today.
Earlier this year, the government announced that it planned to set a maximum charge of $17 per $100 loaned on payday loans. As well, it decreed that the maximum amount of a loan could only be 30 per cent of a person's net pay.
The Manitoba rate will be the lowest in the country among provinces that effectively allow payday loans, the government said.
Manitoba required approval from Ottawa to carry out the changes, which it has now received. Authority for setting interest rates rests with the federal government.
Source: Winnipegfreepress.com
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