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Alberta to cut interest costs, broaden repayment rules on payday loans

If they can't access credit from a safe, licensed, reliable payday lender, where will they go to find it? In addition to court-ordered penalties, Service Alberta undertook a number of administrative actions. View of hurricane damage in N. Retrieved 1 January Aug 10, More rules around payday loans in Alberta come into effect Dec. She said payday lenders "artificially raised rents" because landlords often charged them top dollar.

'We're seeing more people that are laid off. More people will be accessing these types of loans'

Minister Brian Malkinson

Payday Loans Regulation. Cost of Credit Disclosure Regulation An Act to End Predatory Lending. Copies of legislation can be obtained from the Queen’s Printer Bookstore at: Park Plaza, 5 floor Avenue Edmonton, Alberta T5K 2P7 Phone: To call a Government of Alberta office toll-free (in Alberta), dial and follow the instructions. Alberta is taking action to curb what it terms exploitative behaviour by payday loan companies, but a spokesman for the industry says the changes are so drastic they will do more harm than good. Service Alberta Minister Stephanie McLean introduced legislation Thursday that would enforce lower interest costs and broaden repayment rules. Alberta payday loans bill gets mixed reviews The Alberta government is clamping down on payday loan companies and their so-called 'predatory' practices. New legislation means Alberta will go from having among the highest interest rates in the country, to the lowest.

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