Part 12 — .1
124.61 Maximum allowable cost of borrowing
total cost of borrowing that exceeds 14% of the principal amount of
the payday loan.
(2) The maximum total cost of borrowing under subsection (1)
must include the fees for all mandatory and optional services
provided by the payday lender in relation to a payday loan and any
other fees or charges set out in the regulations.
(3) In addition to the cost set out in subsection (1), if a borrower
fails to repay the amount specified in the payday loan agreement,
the payday lender may charge the following:
(a) interest at a rat e of 2.5% per month, not to be compounded;
(b) a one-time fee in an amount determined by the Director for
each dishonoured cheque or dishonoured pre-authorized
debit.
2016 cE-9.5 s8;2024 c19 s1