Payday Lenders in BC: How Can We Help?
Consumer Protection BC regulates a number of industries in BC and views the addition of the regulation of payday lenders as an enhancement to its mandate of providing consumer protection in BC. The Payday Loan Regulation protects consumers in a number of ways. As of November 1, 2009, payday lenders must publicly display loan rates for easy comparison to other lending institutions; provide a payday loan agreement outlining all charges, terms and conditions for every transaction; and not engage in practices that encourage continued debt and dependence or other unfair practices.
Consumer Protection BC is responsible for assessing the qualifications of, and issuing licenses to, payday lenders. Consumer Protection BC also receives and responds to complaints from consumers and monitor compliance through inspections and enforcement.