Stricter rules force closure of Alberta payday lending shops, claims industry employer
An indicator marketing pay day loans sometimes appears at money Canada in Edmonton, Alta., on Oct. 7, 2015. Codie McLachlan / Postmedia, file
Cash advance licences have actually fallen by significantly more than one-quarter since the NDP federal federal federal government enacted stricter guidelines for loan providers in 2016 and more brick-and-mortar shops might be shuttering on the next year, warns the elected president regarding the industry relationship.
Just before Bill 15, also called the Act to finish Predatory Lending, pay day loan businesses had about 230 licensed shops in Alberta.