Crack Down on Payday Loans Not High on Canadian Government List
By J.J. CameronPayday Loan Writer
The future of regular and online payday loans is looking strong at the moment in Canada.
The federal government probably won't move any time soon to crack down on the cash advance industry in the state.
Justice Minister Vic Toews said the issue is under consideration, but isn't among his immediate priorities. Toews placed several criminal law issues top his fall agenda.
Neverthelesss, he plans to introduce legislation eventually that would let the provinces set and police interest rates on cash loans of all kinds.
Currently, the federal Criminal Code limits annual interest rates to 60 percent, but the limit has rarely been imposed on short-term loans. The Manitoba government has already introduced a bill to limit interest rates on no faxing payday loans, but can't act before the federal bill is passed.
