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*iii) the province must be designated by the Governor in Council (which will happen in the province has adequate measures to protect recipients of payday loans) | *iii) the province must be designated by the Governor in Council (which will happen in the province has adequate measures to protect recipients of payday loans) | ||
''Payday Loans Regulation | ''Section 2 of Payday Loans Regulation, BC Reg 57/2009 designates payday lenders as a “designated activity” under s 142 of the BPCPA. Section 143 requires anyone who participates in a designated activity to carry a license. A payday lender must carry a separate license for each operating location. The regulations also set limits on the amount of interest that can be applied, mirroring s 347 of the Criminal Code. The maximum amount that can be charged on a payday loan is 17% of the principal. Annual interest on the outstanding principal cannot exceed 30%. In addition, a payday loan cannot exceed 50% of the borrower’s net pay. Thus, payday loans in BC are permitted under Criminal Code section 347.1, as long as they follow the provincial requirements. | ||
== H. Remedies and Sanctions == | == H. Remedies and Sanctions == |
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