The payday loan industry in Canada is in constant flux, and it can be difficult to keep track of the changes. My Canada Payday maintains this resource page for anyone interested in the history of payday loans in Canada.
| 2013 | Zaplo expands to Canada
Vivus, which offers online payday loans in Latvia, Lithuania, Finland, Sweden, Denmark, Poland, UK, Spain, Russia, and Georgia, expands their operations to Canada under the new name Zaplo.
|
| 2012 | Nova Scotia reviews payday loan regulations
After a review of the state of payday loans in Nova Scotia, an amendment came into effect on May 1, 2012 reducing the maximum interest rate to 25% and allowing online payday lenders to operate. Storefront lenders were required to provide funds in cash, in direct response to the Cash Store Financial's controversial policy on using debit cards.
|
Wonga expands to Canada
Wonga, already famous in the UK for their payday loans, expands to Canada.
| |
| 2011 | Ontario updates regulations
Ontario Regulations 98/09 becomes effective on September 1, 2011, enhancing the previous regulations and adding specific limits on the amount of interest charged and a number of other consumer protection rules.
|
Saskatchewan regulates payday loans
As of September 29, 2011 regulations governing payday loans in Saskatchewan went into effect. Interest rates were capped at 23% of the principal.
| |
| 2010 | My Canada Payday begins offering payday loans
My Canada Payday starts offering payday loans in addition to its existing financial products.
|
Newfoundland announces that payday loans will not be permitted
On June 16, 2010 the province of Newfoundland announced that it would not be regulating payday loans, thereby effectively making them illegal as payday loans would not be granted an exemption under CC section 347.1.
| |
Redleaf expands to Canada
Redleaf Loans, which lends under the name Blizzard in the US, expands to Canada in 2010.
| |
Alberta regulates payday loans
As of February 2, 2010 regulations governing payday loans in Alberta went into effect. Interest rates were capped at 23% of the principal.
| |
| 2009 | Dollars Direct founded |
Nova Scotia regulates payday loans
As of June 11, 2009 regulations governing payday loans in Nova Scotia went into effect, however only storefront lenders were permitted to operate. Interest rates were capped at 31% of the principal.
| |
Ontario regulates payday loans
As of December 15, 2009 regulations governing payday loans in Ontario went into effect. Interest rates were capped at 21% of the principal.
| |
British Columbia regulates payday loans
As of November 1, 2009 regulations governing payday loans in British Columbia went into effect. Interest rates were capped at 23% of the principal, and overdue interest rates were capped at 30% APR up to a maximum of 7% of the principal.
| |
| 2008 | New Brunswick begins regulating payday loans
New Brunswick passed an act laying out the legal framework of a regulatory regime, but has not yet decided on the interest rates or licensed any lenders.
|
| 2007 | Canadian Criminal Code Section 347.1 introduced
Section 347.1 of the Criminal Code, allowing provinces to regulate payday loans, came into effect on May 3, 2007. While the specifics of interest rates and other charges are left to the provinces, it is generally agreed that there will be a limit imposed on interest and that rollovers will be prohibited. Quebec has provincial laws limiting interest to 35% APR, well below the federal usury rates, and is not expected to allow payday loans.
|
| 2004 | Canada Payday Loan Association formed
Largely in response to the results of class action lawsuits, a number of the major payday lenders formed the CPLA to create a coordinated effort to lobby the government to regulate and thus legalize the payday loan industry.
|
| 2003 | Class action lawsuit against Money Mart
On December 23, 2003 Money Mart faces $515 million class action lawsuit in Ontario over violations of section 347 of the Criminal Code of Canada. This case eventually leads to the regulation of the payday loan industry.
|
| 2002 | Moneytree founded
Bob and Nadena Thompson founded Moneytree in 2002.
|
| 2001 | Cash Store Financial founded |
| 1999 | 310 Loan founded |
| 1990 | Instaloans is founded |
| 1982 | Money Mart founded |
No comments:
Post a Comment