Part 12 — .1
124.3 Instalment payments
agreement provided to a borrower contains a term requiring the
borrower to repay the payday loan through an instalment plan.
(2) The payday lender shall ensure that the instalment plan allows
the borrower to repay the loan over a period of at least 42 days and
no more than 62 days regardless of any other term stated in the
payday loan agreement.
(3) A payday lender shall ensure that
(a) if the borrower is paid or otherwise receives income on a
semi-monthly, bi-weekly or more frequent basis, the payday
loan agreement specifies that repayment is to be spread over
at least 3 pay periods, or
(b) if the borrower is paid or otherwise receives income on a
basis that is less frequent than those referred to in clause (a),
the payday loan agreement specifies that repayment is to be
spread over at least 2 pay periods.
(4) A borrower may pay all or part of the outstanding balance
under a payday loan agreement at any time without incurring any
prepayment charge or penalty, regardless of the number of
instalments remaining.
(5) A payday lender shall comply with requirements respecting
instalment plans as set out in the regulations.
2016 cE-9.5 s8