Canada Gets Regulation Machinery Moving
In Canada at least, things have finally begun to move. The Conservative government is expected to introduce long-awaited legislation Wednesday intended to regulate the payday-loan industry. The days of storefront money lenders being allowed to charge 1,000-per-cent interest rates for an advance on your next paycheque may soon be over. Ctv.ca reports:
Government and industry sources say the bill will create a special Criminal Code exemption that lets provinces set short-term interest rates. "Stay tuned,” Justice Minister Toews said Tuesday after a payday bill was announced on the House of Commons order paper. "We’re working very hard on that particular issue.”
Read more: Conservatives to regulate payday loan firms