Stricter rules force closure of Alberta lending that is payday, states industry employer

Stricter rules force closure of Alberta lending that is payday, states industry employer

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Pay day loan licences have actually fallen by above one-quarter since the NDP federal government enacted stricter guidelines for loan providers in 2016 and more brick-and-mortar shops might be shuttering throughout the next year, warns the elected president associated with industry association.

Ahead of Bill 15, also referred to as the Act to get rid of Predatory Lending, cash advance businesses had about 230 licensed stores in Alberta.

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But at the time of a couple of weeks ago, that number had fallen to 165, Canadian Consumer Finance Association president and CEO Tony Irwin stated.

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