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NDP tightens payday lending rules

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The province wants to the tighten rules for high-cost credit products.

This afternoon, the Selinger government tabled Bill 34, amending the Consumer Protection Act.

Ron Lemieux, minister responsible for consumer protection, told the legislature the amendments will address changes to high-cost credit offerings.

"It is designed to protect consumers who are obtaining credit from those who are circumventing payday lending legislation," he said.

"The proposed amendments also clarify certain provisions in the payday loans part of the act."

Under the agreement firms must:

  1. display clear signage explaining the costs
  2. make detailed disclosures about costs or fees before an agreement for credit is signed
  3. give the borrower reasonable time to review the disclosure information and the agreement and provide a copy of the completed agreement to the borrower at no cost 
  4. not charge a fee or penalty for early repayment

The bill will also require high-cost credit granters to pay into a Manitoba Borrowers Financial Literacy Fund to promote low-cost borrowing alternatives for consumers who rely on payday lenders and other high-cost lenders.

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