Building on phase one, where tougher rules on payday loans and cheque-cashing fees were introduced, further protections and safeguards are now being implemented to ensure British Columbians who use high-cost credit products are better informed about borrowing money. The second phase of the Consumer Financial Protection Action Plan will create borrowers’ rights, set limits on the cost of bowing, prohibit certain fees and charges, require proper licensing for businesses, and improve transparency to ensure better understanding of the loans and fees. This will further enhance consumer financial education throughout the province. These regulations will help educate people and ensure that those who have no other choice but to seek high-cost loans will be protected.
Read more