Legislative Assembly of Ontario. Bill 193, Payday Advances Act

Legislative Assembly of Ontario. Bill 193, Payday Advances Act

20. No payday loan provider shall impose or gather interest on an online payday loan this is certainly in standard.

No back-to-back loans

21. No payday loan provider shall produce a loan that is payday a individual in the event that individual,

(a) has formerly been issued that loan by any payday lender and the mortgage is outstanding; or

(b) has paid back, in complete, that loan to virtually any payday lender,

(i) within the preceding a week, or

(ii) because the debtor’s last regularly date that is recurring getting earnings.

Totally free for expansion

22. No payday loan provider shall impose any fee or penalty for expanding the word of a pay day loan.

Prepayment permitted

23. a debtor is eligible to spend, in component or in complete, the outstanding stability of a pay day loan at any moment with no payday loan provider shall impose a prepayment fee or penalty each time a debtor makes a prepayment.

Payday Lenders – Duties

Minimal capital that is working

24. A payday loan provider shall keep, all the time, the recommended minimum capital that is working.

Papers and documents

25. A payday loan provider shall maintain the prescribed papers and documents within the places and also for the time durations because could be recommended.

Privacy of borrowers

26. (1) No payday loan provider shall make use of information gathered from or around a debtor or potential debtor for the purposes of directing advertising in the debtor.

Exact Exact Exact Same

(2) No payday loan provider shall reveal information gathered from or around a borrower or borrower that is prospective anybody unless needed to do this by the laws made under this Act.

Exception

(3) Subsections (1) and (2) try not to use in the event that debtor has furnished his / her permission, on paper, to your usage or sharing of data gathered from or around them, but no payday loan provider shall result in the creating of an online payday loan contingent regarding the offering of these permission.