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OC 362/2017 - The Payday Loans Amendment Regulations, 2017 (Minister of Justice and Attorney General)

Title: The Payday Loans Amendment Regulations, 2017

Minister: Minister of Justice and Attorney General

Summary: (1) Subject to subsection (2), these regulations come into force on February 15, 2018.

(2) Section 3 comes into force on October 1, 2017.

These regulations will amend RRS P-4.3 Reg 1 to:

  • Increase the licence fee for operating a payday loan location from $2,000 per year to $3,000 per year;
  • Reduce the permitted rate that payday enders can charge borrowers from 23% of the amount loaned to 17% of the amount loaned; and
  • Reduce the amount that a payday lender can charge a borrower for a dishonoured payment from $50 to $25.
See: The Payday Loans Act, section 66

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