UARB changes rules for payday loans in Nova Scotia
The Nova Scotia Utility and Review Board has announced new conditions for payday loans under the province’s Consumer Protection Act.
In a decision released Monday, the board reduced the maximum cost of borrowing to $22 per $100. That’s $3 less than before.
The board recommended that the minister consider placing restrictions on repeat and concurrent loans.
The board also wants lenders to be required to display comparison borrowing costs.
The board is recommending that payday loans be reviewed again in three years time.
