Payday Loan Company Praises New Legislation
By J.J. CameronPayday Loan Writer
What's the response from the payday cash advance industry in Canada to proposed legislation that would actually cap its interest rates?
Glowing reviews.
National Money Mart Company, a subsidiary of Dollar Financial Corp. and Canada's leading alternative financial service provider, welcomed the Government of Canada's new legislation this week that will allow provinces the authority to regulate the regular and no fax payday loan industry.
This new federal legislation - Bill C-26 An Act to Amend the Criminal Code - will exempt provinces from the current restrictive section 347 of the Federal Criminal Code if they legislate a clear consumer protection regime for payday lending.
The provinces of British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick and Nova Scotia have all called on the federal government for authority to regulate no faxing payday loans - wanting to ensure a balance between consumer protection and viable industry practices.
"The federal government has demonstrated important leadership in protecting consumers who use the payday loan product," said Syd Franchuk, President of National Money Mart Company. "We look forward to working with provincial governments to establish regulations for the industry that balance consumer protection with the continued importance and viability of this industry."
It's an interesting take. The cash advance business appears to actually care about its clients. Good to see.
