Acts and Regulations

C-28.3 - Cost of Credit Disclosure and Payday Loans Act

Section 37.31
Disposition versions

Full text
Limit regarding cost of credit
2008, c.3, s.1
37.31(1)No payday lender shall, in relation to a payday loan, charge or require or accept the payment of, or arrange for or permit any other person to charge or to require or accept the payment of, any amount or consideration that would result in the total cost of credit, or any component of the total cost of credit, of the loan being greater than the maximum allowed by regulation.
37.31(2)If a payday lender contravenes subsection (1),
(a) the borrower is not liable for any amount charged in relation to the total cost of credit for the payday loan, and
(b) the payday lender shall reimburse the borrower, in cash, immediately on demand by the borrower or the Director, for the total of all amounts paid and the value of any other consideration given in respect of the borrower’s total cost of credit for the payday loan.
2008, c.3, s.1; 2014, c.31, s.1