O. Reg. 358/16: GENERAL
filed November 4, 2016 under Payday Loans Act, 2008, S.O. 2008, c. 9
Skip to contentontario regulation 358/16
made under the
Payday Loans Act, 2008
Made: October 26, 2016
Filed: November 4, 2016
Published on e-Laws: November 4, 2016
Printed in The Ontario Gazette: November 19, 2016
Amending O. Reg. 98/09
(GENERAL)
1. Paragraph 1 of subsection 14 (3) of Ontario Regulation 98/09 is amended by striking out “and” at the end of subparagraph i and by revoking subparagraph ii and substituting the following:
ii. the amount “$21.00” in 144 point font, immediately below subparagraph i, if the poster is displayed before January 1, 2017,
iii. the amount “$18.00” in 144 point font, immediately below subparagraph i, if the poster is displayed on or after January 1, 2017 and before January 1, 2018, and
iv. the amount “$15.00” in 144 point font, immediately below subparagraph i, if the poster is displayed on or after January 1, 2018.
2. Paragraph 0.1 of subsection 15 (2) of the Regulation is revoked and the following substituted:
0.1 The maximum allowable cost of borrowing under payday loan agreements is,
i. $21 for each $100 advanced if the advertisement is displayed before January 1, 2017,
ii. $18 for each $100 advanced if the advertisement is displayed on or after January 1, 2017 and before January 1, 2018, and
iii. $15 for each $100 advanced if the advertisement is displayed on or after January 1, 2018.
3. Item D of paragraph 1 of subsection 18 (1) of the Regulation is revoked and the following substituted:
D = This space may be left blank if the parties entered into the agreement before the day section 32 of the Act comes into force,
$21 per $100 borrowed if the parties entered into the agreement before January 1, 2017,
$18 per $100 borrowed if the parties entered into the agreement on or after January 1, 2017 and before January 1, 2018, and
$15 per $100 borrowed if the parties entered into the agreement on or after January 1, 2018.
4. Section 23 of the Regulation is revoked and the following substituted:
Maximum allowable cost of borrowing
23. The prescribed limit on the cost of borrowing under a payday loan agreement for the purposes of subsection 32 (2) of the Act is,
(a) $21 per $100 advanced under the agreement, if the parties enter into the agreement before January 1, 2017;
(b) $18 per $100 advanced under the agreement, if the parties enter into the agreement on or after January 1, 2017 and before January 1, 2018; and
(c) $15 per $100 advanced under the agreement, if the parties enter into the agreement on or after January 1, 2018.
5. (1) Paragraph 2 of subsection 37.1 (2) of the Regulation is revoked and the following substituted:
2. The amount set out in each of subparagraphs 1 ii, iii and iv of subsection 14 (3) shall be read as “an effective annual rate of interest of 60 per cent”.
(2) Subparagraph 3 i of subsection 37.1 (2) of the Regulation is amended by striking out “$21 per each $100 advanced” and substituting “the amount set out in subparagraph i, ii or iii, as the case may be”.
Commencement
6. This Regulation comes into force on the later of January 1, 2017 and the day it is filed.