The Attorney General's office is inviting the public to comment on proposed regulations that will set requirements for payday loans in the province.
The Payday Loans Act received royal assent on May 15, however Attorney General Gerard Greenan's office would like to hear feedback from the public before the act is proclaimed.
Steven Dowling of the corporate and insurance division of the department said Islanders will be able to comment on all of the draft regulations in writing.
"We are asking in particular for comments on the recommended maximum allowable cost of borrowing," Dowling said. "In the other provinces where maximums have been set, they range from $21 on each $100 borrowed to $31 on each $100 borrowed."
Comments should be submitted by Dec. 8. The consultation paper is available at www.gov.pe.ca/consumerservices, or by calling 368-4580 and 1-800-658-1799.
Proposed regulations under the new act will:
-Set the maximum allowable cost of borrowing for payday loans
-Require clear disclosure of the cost of borrowing and other terms of the loans
-Establish procedures for licensing payday lenders
-Set requirements for payday loan offices in the province
-Prohibit unfair collection practices
