Payday Lender Prohibited Practices
The Cost of Credit Disclosure and Payday Loans Act and Rules and Regulations provide guidance on limits for penalty and cheque-cashing fees, prohibited activities including collection practices and use of information, prohibitions on repayment, and payment processing.
It is the responsibility of the applicant to become familiar with the Act and the Rules and Regulations.
Failure to comply with the regulations constitutes an offence punishable under the Act and may result in fines and administrative penalties.
For full details of prohibited practices, review the Cost of Credit Disclosure and Payday Loans Act, Rule PDL-001 Payday Loans Licensing and Ongoing Obligations, and Regulation 2017-23 (Payday Lending Regulation – Cost of Credit Disclosure and Payday Loans Act).