WINNIPEG — New legislation governing payday loans is now in effect in Manitoba.
Justice Minister Heather Stefanson says the legislation offers consumers protection from high-cost credit products that can lead people into a cycle of borrowing that’s hard to break by helping them make more informed decisions.
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The new legislation requires businesses offering high-cost credit products to be licensed with the Consumer Protection Office.
They also have to put up signs explaining the related costs of the loans at their locations, provide potential borrowers with a detailed information disclosure document prior to an agreement being signed and allow borrowers to cancel their loans within 48 hours and repay the money without penalty.
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