The provincial government announced today amendments to the Consumer Protection Act that would afford more security for Nova Scotians who use pay-day moneylenders.
The new changes to legislation will regulate online lenders — requiring that they be licensed and maintain a physical office location in the province. Online lenders without a license will be prevented from collected charges and loan interest fees.
For payday loan centres already operating in the province, additional changes will now require they make cash available to people who ask for it, report the number of repeat loans to Service Nova Scotia and include the cost of borrowing on all advertisements and promotional materials.
Tell us what you think of these changes Haligonia: Do you think they'll better protect consumers? Have you ever used a payday loan service? What was your experience with it?
Read the full release here: http://www.gov.ns.ca/news/details.asp?id=20111125002