Government of Saskatchewan ministries, Crown corporations and organizations are working to minimize the impacts of the postal service disruption.
Les ministères, les sociétés d’État et les organismes du gouvernement de la Saskatchewan travaillent à réduire au minimum les répercussions de l’interruption des services postaux.
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Released on June 8, 2010
Justice Minister and Attorney General Don Morgan announced today the government has approved The Payday Loans Regulations, the next step to having a fully-regulated payday loan industry in Saskatchewan.
The new regulations will prohibit harmful lending practices such as; charging additional fees beyond the allowed interest rate, charging fees to prepay the loan before its due date, and lending more than 50 per cent of the borrowers net pay during the term of the loan.
In addition, lenders will now be licensed in order to ensure they are complying with the legislation. Lenders will also be required to have written agreements and provide them to the borrower as soon as an agreement is reached.
"We think we have found the appropriate balance between protection for consumers and a sustainable payday loan business," Morgan said.
The regulations support The Payday Loans Act, which was passed in 2007, making the regulations of payday loans a provincial repsonsibility. The Act will become operational once the federal government designates Saskatchewan, for the purpose of the Criminal Code, as a province with adequate consumer protection respecting payday loans. Morgan has written to his federal counterparts to request this designation.
Saskatchewan's regulations are similar to those of its partners in the New West Partnership - British Columbia and Alberta. For example, all three provinces allow payday lenders to charge a maximum of 23 per cent of the amount of the loan as the total cost of borrowing.
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For more information, contact:
Desirae Bernreuther
Justice and Attorney General
Regina
Phone: 306-787-2626
Email: desirae.bernreuther@gov.sk.ca
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