In November 2021, the BC Government announced that companies that provide, offer, or facilitate high-cost credit products to consumers, such as high-interest installment loans and lines of credit above 32% interest (APR/AIR), must be licensed and regulated by our office. These new rules come into effect on May 1, 2022.

As we work towards the May 1 implementation date, we will continue to communicate directly with businesses that offer high-cost credit products, including licensed payday lenders. 

Here is some basic information about the requirements:

  • To understand if your business needs to be licensed, read the definition of a “high-cost credit grantor” and “high-cost credit product” in the Business Practices and Consumer Protection Amendment Act, 2019 and in Order In Council 635/2021
  • Payday lenders that provide both payday loans and high-cost credit products will require both types of licences.
  • Information about how to get licensed, including all the forms, will be available on our website around March 15, 2022. This information will also be emailed to anyone on the email distribution list.
  • Consumer Financial Education Fund contributions are required by both licensed payday lenders and licensed high-cost credit grantors. Businesses that hold both types of licences must make contributions for each licence type on application and/or renewal.
  • The new rules can be found in the changes to the Business Practices and Consumer Protection Amendment Act, 2019 and the high-cost credit products regulation. Read about those in Order In Council 634/2021 and Order In Council 635/2021

To be added to the email distribution list for ongoing updates:

Any business that believes that they are captured by the new rules should request to be added to our email distribution list. This will ensure that you continue to get important updates about high-cost credit granting. To be added to the list, or for questions, please contact Mike Collyer, Manager of Industry Relations, at

Details about consumer rights and obligations will also be available to the public on May 1, 2022, at

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 You can also follow us on FacebookInstagram, and YouTube or read our blog for valuable consumer tips and resources.