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NDP tightens payday lending rules

Payday lenders are once again in the crosshairs of the Manitoba NDP.

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Payday lenders are once again in the crosshairs of the Manitoba NDP. (POSTMEDIA NEWS INC. ARCHIVES)

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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Ron Lemieux on Bill 34. ? He's on to something designed to protect consumers.. .. well he sure was no saviour of people... when the province, with their hob-nailed boots, stomped the municipalities on amalgamation.
Is it any wonder, I have lost respect for that kind of attitude.

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