|2012 Aggregate Loan Data|
Payday Loan Aggregate Data Form
As you may know, Payday Loans Regulation 4(2)(b) and 4(3), require all payday lenders licensed in British Columbia to annually report aggregated loan data. The data is in respect of all the loans granted by the licensee during the licensee’s most recently-completed fiscal year. For a licensee’s fiscal year commencing AFTER December 1, 2011, the nature and amount of aggregated data that must be reported for the next fiscal year has been slightly amended and expanded.The attached documents set out the specific data that all licensees must begin to track, record and report to meet the amended reporting requirements. There are 2 new reporting requirements: 1) reporting the sale of ancillary products sold to payday borrowers and 2) the number of loans granted to each individual borrower during the reporting period. You should review - and if necessary - modify your recordkeeping system so that you will be able to comply with the new requirements. You should refer to the attached “Definitions for Aggregated Payday Loan Data Terms” to ensure you understand the meaning of the terms used on the input form.
You must now also report data for each location individually as well as aggregated for all locations if you operate multi-branches in British Columbia.
For the next reporting period, all licensees will be offered the option of reporting the data using a new, online form that will soon be available through the licensee’s online account with Consumer Protection BC. Alternately, a licensee may continue to report by completing an amended paper report and sending the report to our office. In either case, the expanded data must accompany the licensee’s renewal application for a payday lender licence for licence year 2012/13 and later.
For your information, the aggregated payday loan data is collected and may be used for the following 3 purposes:
The new form contents are available here.