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Ted Michalos: Congratulations.

Doug Hoyes: therefore, let’s focus on a number of the history. In 2008 the federal government of Ontario introduced the payday advances behave to modify loan that is payday. Before that the sole legislation ended up being the Criminal Code of Canada, which of program was legislation that is federal.

In 2016 the Ontario federal government introduced Bill 156, the alternative economic solutions statute legislation amendment work they proposed various changes to the payday loans act, including limits on how many payday loans you could get in a certain period of time, obviously to prevent multiple repeat payday loans because they like simple titles, where. The bill managed to get reading that is second then it passed away because parliament finished and additionally they started a brand new one.

Therefore, in August of 2016 the Ontario federal federal federal government announced which they had been amending the laws to your payday advances work, which needless to say does not require any brand brand new legislation, to lessen the most total price of borrowing a loan that is payday. So, Ted walk us through just exactly just what the guidelines had been and what they’re now.

Ted Michalos: So, the guidelines had previously been it was $21 on 100 while the guidelines now are $18 on 100. Therefore, that is a good thing that is practical, it paid down it. Exactly what individuals neglect to comprehend is they confuse that $18 on 100 with 18% interest and that’s just maybe not the way it is. It’s 18% interest every fourteen days.

Doug Hoyes: Yeah and we’re likely to do a little more detailed mathematics as we enter into it. And so, $18 on 100 may be the guideline now. After which beginning year that is next first, 2018 it goes right down to $15 on 100. Therefore, on November third, 2016 the federal government of Ontario introduced a brand new thing, the balance 59, The placing customers First Act. This can be a catch all bill that proposes modifications up to a bunch that is diverse of including acts that deal with inspection reports and economic solutions and customer security. Read more »