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December 30, 2008
For immediate release
Attorney General Extends Comment Period on Payday Lending
Office of the Attorney General
“So far, we’ve only received two written submissions,” says Attorney General Gerard Greenan. “We were hoping for more input, and will be extending the deadline to January 16, 2009.”
“Most provinces are moving toward regulating payday lenders. The PEI government is currently considering a similar initiative. But, before we move forward, we want to hear from as many individuals or interested parties as possible. That will help ensure that any proposed legislation addresses the needs of Islanders.”
In addition to dealing with the cost of borrowing, many provincial laws are also setting best practices for payday lenders. For example, the legislation in other provinces requires full and clear disclosure of all terms of the loan in the loan agreement. Generally, lenders are also prohibited from extending further credit until the borrower has fully paid off all previous loans.
The consultation paper is available on the P.E.I. Government Website at: www.gov.pe.ca/consumerservices. Copies can also be requested from the Consumer, Corporate and Insurance Services Division of the Office of the Attorney General at 4th Floor Shaw Building, 95 Rochford St, PO Box 2000, Charlottetown, PE, C1A 7N8 or by telephone at (902) 368-4580 or 1-800-658-1799.
To participate in the consultation, members of the public and interested parties are asked to submit written comments by January 16, 2009.