New Pay Day Loan legislation protects consumers
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Posted By Allison Peters, Central Plains Herald-Leader
Posted 1 month ago
Tighter regulations on payday loans in Manitoba is something that both the governing party and opposition are proud of.
"Certainly it is important that the legislation was passed here in Manitoba to safeguard consumers from being charged exorbitant administrative and interest charges by the Pay Day Loans industry here in Manitoba," said David Faurschou, consumer affairs critic for the official opposition party and MLA for Portage la Prairie.
The provincial government has capped maximum interest rates at $17 per $100. The maximum amount of a loan can only be 30 per cent of the person's next paycheque, after deductions.
"The persons making use of pay day loans are individuals that are vulnerable and in need of financing. It is important that the government provide guidelines so that individuals that are in need of pay day loans that they do not get charged unreasonable amounts of administration and interest," said Faurschou.
apeters@cpheraldleader.com
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