Stricter rules force closure of Alberta payday lending shops, states industry boss

Stricter rules force closure of Alberta payday lending shops, states industry boss

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Pay day loan licences have actually fallen by above one-quarter since the NDP federal federal government enacted stricter guidelines for loan providers in 2016 and more brick-and-mortar stores could possibly be shuttering within the next one year, warns the elected president associated with the industry relationship.

Ahead of Bill 15, also called the Act to finish Predatory Lending, payday loan businesses had about 230 licensed shops in Alberta.

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