Alberta quietly reviewing regulation of payday loan industry

Thursday, April 03, 2008

Alberta is looking at whether it should regulate payday loans, but some agencies that deal with the working poor aren’t even aware of the review.
The government posted an online discussion paper March 17, but didn’t issue a news release.
Service Alberta spokesman Eoin Kenny said the province has invited specific payday loan companies and other groups to make submissions by April 21.
He says individuals and other groups that have not been contacted can also make submissions or fill out an Internet questionnaire.
The payday loan industry is coming under increasing scrutiny because of abusive lending practices in some provinces that have included charging interest rates higher than 800 per cent a year.

Quebec, British Columbia, Manitoba, Nova Scotia and Saskatchewan have all passed payday loan lending laws, while Ontario and New Brunswick must still vote on proposed legislation.

Source: http://www.edmontonsun.com/News/Alberta/2008/04/02/5175786.html