Part 12 — .1
124.8 Signs and notices
payday lender's business premises
(a) a sign visible to borrowers immediately when they enter th e
premises, and
(b) a sign visible to borrowe rs at each place within the premises
where a payday loan is negotiated.
(2) Subject to the regulations, the payday lender shall ensure that
the signs required under subsection (1) contain only the following
wording or information in the following order:
(a) the words "Maximum total cost of borrowing permitted in
Alberta for a payday loan: $14 per $100 lent";
RSA 2000
(b) the words "We charge ________", indicating the payday
lender's total charges for a payday loan;
(c) the words "Payday loans are a form of high-cost credit";
(d) the words "This information meets the requirements of the
Consumer Protection Act";
(e) the payday lender 's licence number;
(f) any other wording or information prescribed by the
regulations.
(3) If a payday lender offers payday loans with varying costs of
borrowing, the payday lender shall ensure that the sign wording
referred in subsection (2)(a) indicates the highest cost of borrowing
that the payday lender charges any borrower.
(4) A payday lender who engages in the payday loan business by
means of the Internet shall display the wording and information
required under subsection (2) on a page of the payday lender's
website that precedes the payday loan application.
(5) A payday lender who engages in the payday loan business by
telephone shall disclose to a prospective borrower the wording and
information required under subsection (2).
2016 cE-9.5 s8;2017 c18 s1(13);2024 c19 s1