This Explanatory Note ended up being written being an aid that is reader’s Bill 48 and will not form the main legislation. Bill 48 happens to be enacted as Chapter 9 for the Statutes of Ontario, 2008.
The Bill enacts a fresh Act.
The Act regulates pay day loans, which are understood to be in part 347.1 for the Criminal Code (Canada) become a development of income in change for a pre-authorized debit or the next payment of an identical nature although not for almost any guarantee, suretyship, overdraft security or protection on home rather than through a margin loan, payday loans twin falls pawnbroking, a credit line or credit cards. The Act additionally regulates cash advance agreements that are defined become agreements under which a loan provider makes a quick payday loan to a borrower, with or without having the help of that loan broker.