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Doug Hoyes: consequently, let’s start with a true quantity regarding the history. In 2008 the federal

Doug Hoyes: consequently, let’s start with a true quantity regarding the history. In 2008 the federal

Yes, a Payday is had by us Loan Crisis

Yes, we have a Payday Loan Crisis

Ted Michalos: Congratulations.

Doug Hoyes: consequently, let’s start out with number of this history. In 2008 the government of Ontario introduced the payday advances work to control payday loan providers. Before that the single legislation finished up being the Criminal Code of Canada, which of system ended up being legislation this is certainly federal.

In 2016 the Ontario government that is federal Bill 156, the decision economic solutions statute legislation amendment work they proposed different modifications to your pay day loans work, including restrictions as to how numerous payday advances you can get in a particular time period, clearly to stop multiple perform pay day loans simply because they like easy games, where. The total amount caused that it is second reading but then it passed on because parliament completed and so they began an original one.

Consequently, in August of 2016 the Ontario federal federal authorities announced that they had been amending the legislation to your payday advances work, which needless to say doesn’t require any brand title name completely new legislation, to reduce the most total cost of borrowing an unsecured guarantor loan. Consequently, Ted walk us through precisely precisely what the principles was indeed and just exactly exactly what they’re now.

Ted Michalos: consequently, the rules had formerly been it absolutely was $21 on 100 plus the instructions now are $18 on 100. Consequently, that is a positive thing that is practical, it paid off it. Just what people fail to understand is they confuse that $18 on 100 with 18per interest that is cent that’s just not very true. It’s 18% interest every two weeks.

Doug Hoyes: consequently, let’s start with a true quantity regarding the history. In 2008 the federal
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