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Payday loans in Canada
Payday loans in Canada are permitted under section 347.1 of the Criminal Code of Canada, so long as the province of the borrower has enacted sufficient provincial legislation concerning the provisioning of payday loans. In the event that no such provincial legislation exists (as is the case in New Brunswick, Quebec and Newfoundland and Labrador) payday loans are limited by usury laws, with any effective (compound) rate of interest charged above 60% per annum considered criminal.
On August 14, 2006, the Supreme Court of British Columbia issued its decision in a class action lawsuit against A OK Payday Loans.〔(Kilroy v. A OK Payday Loans Inc. )〕 A OK charged its customers 21% interest, as well as a "processing" fee of C$9.50 for every $50.00 borrowed.〔 In addition a "deferral" fee of $25.00 for every $100.00 was charged if a customer wanted to delay payment. The judge ruled that the processing and deferral fees were interest, and that A OK was charging its customers a criminal rate of interest. The payout as a result of this decision is expected to be several million dollars.〔Kilroy v. A OK Payday Loans Inc., 2006 BCSC 1213 (2006).〕 The British Columbia Court of Appeal unanimously affirmed this decision.〔Kilroy v. A OK Payday Loans Inc., 2007 BCCA 231 (2007).〕
==Provincial regulations==
In 2006, the Criminal Code of Canada was amended to allow for Provinces to regulate the payday loan industry.〔(Bill C-26: An Act to amend the Criminal Code (criminal interest rate) )〕
Every province other than Quebec and Newfoundland and Labrador has enacted some legislation to deal with payday loan restrictions since 2006, although New Brunswick is still incomplete.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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