Today, the Government of BC announced that as of this Sunday (May 1, 2022), the law comes into force requiring companies that provide, arrange, offer or facilitate high-cost credit products to consumers that charge above 32% interest (APR/AIR), to be licensed and regulated by Consumer Protection BC.
To understand consumer rights and the new rules that apply to high-cost credit grantors, read the Business Practices and Consumer Protection Amendment Act, 2019, and the high-cost credit products regulation. You can read about those in Order In Council 634/2021 and Order In Council 635/2021.
The licensing package is available for any businesses that fit the definition of a high-cost credit grantor. To read through all the licensing steps, understand the licensing requirements, and access all the required forms, please visit the Get and Keep Your Licence page of our website for this sector. If a business has questions about the licensing process, please send an email to our Licensing and Information team at email@example.com or call 1.888.564.9963, and then press 2.
To understand the legal obligations of a high-cost credit grantor, please review the Know Your Obligations page specific to this sector on our website. An inspection guide is also available to help high-cots credit grantors know what to expect from one of our inspections.
We have new information on our website for the public to help them understand what to look for and what to watch out for when it comes to high-cost credit products.
Anyone who believes that a high-cost credit grantor has not complied with the law can submit a complaint to our office.
About Consumer Protection BC:
Consumer Protection BC is the regulator of a variety of sectors and specific consumer transactions in the province. Our mandate is to license and inspect our regulated businesses, respond to consumer inquiries, investigate alleged violations of consumer protection laws, and to classify all general release motion pictures.
For more information about our organization, to read our recent enforcement actions, and to learn about our inspection and complaint-handling processes, please visit our corporate website at www.consumerprotectionbc.ca. You can also follow us on Facebook, Instagram and YouTube or read our blog for valuable consumer tips and resources.