{December 21, 2007} - Government enacted Bill 27, Business Practices and Consumer Protection (Payday Loans) Amendment Act, 2007 in November 2007.  The bill requires payday lenders to be licensed and regulates aspects of their transactions with consumers.

The Ministry of Public Safety and Solicitor General is responsible for consumer protection legislation in BC.  A consultation paper and questionnaire is now posted on the Ministry's website.  This consultation provides the opportunity for the payday lending industry, consumers and others to provide feedback on the legislation. The responses received will help determine maximum interest rates, fees and other requirements to be included in regulations. Please note that the deadline for submissions is February 15, 2008.

Please click here to view the consultation information.