Acts and Regulations

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

Section 37.37
Disposition versions

Full text
Limit on amounts payable for default
2008, c.3, s.1
37.37(1)No payday lender shall, in relation to any default by the borrower under 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 penalty or other amount except as allowed by regulation.
37.37(2)If a payday lender contravenes subsection (1),
(a) the borrower is not liable for any amount charged in relation to his or her default under the payday loan, and
(b) the payday lender shall reimburse the borrower, in cash, immediately on demand by the borrower or the Director, for any amount paid by the borrower in respect of that default.
2008, c.3, s.1; 2014, c.31, s.1