AN ACT TO END PREDATORY LENDING (RSA 2000 cE-9.5)

RSA 2000 cE-9.5

Alberta — Consolidated Statutes

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Chapter E-9.5 Current as of December 5, 2024

AN ACT TO END PREDATORY LENDING

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AN ACT TO END PREDATORY LENDING

Chapter E-9.5 Table of Contents 1

Definitions 2 Promotion of alternatives to payday loans 3 Payday lender information, data 4 Ministerial report 6 Offences and penalties 7 Regulations 8 Related amendments HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows:

Definitions 1 In this Act, (a) “Minister” means the Minist er determined under

section 16 of the Government Organization Act as the Minister responsible for this Act; (b) “payday lender” means a pa yday lender as defined in the Consumer Protection Act; (c) “payday loan” means a pa yday loan as defined in the Consumer Protection Act. 2016 cE-9.5 s1;2017 c18 s1(24) Promotion of alternatives to payday loans 2 The Minister shall, in consultation with provincial financial institutions and community advocacy groups, promote the development, implementation and use of short-term lending options as an alternative to payday loans.

Section 3

Chapter E-9.5 2

AN ACT TO END PREDATORY LENDING Payday lender information, data 3 A payday lender shall submit information and data to the Minister in accordance with the regulations. Ministerial report 4(1) The Minister shall, on an annual basis, as soon as practicable after receipt of the applicable information and data, prepare a report respecting (

a) progress in the development, implementation and use of the short-term lending options referred to in

section 2, and (

b) the status of the payday loan industry, including (

i) the total value of payday loans provided in Alberta, (ii) the number of payday loan agreements entered into, (iii) the number of repeat pa yday loan agreements entered into, (iv) the average size and term length of payday loans, and (

v) the total value of payday loans that have gone into default and been written off.

(2) The Minister shall, on an annual basis beginning in 2018, on completion of the report referred to in subsection (1), lay the report before the Legislative Assembly if the Legislative Assembly is sitting and if it is not sitting, within 15 days after the commencement of the next sitting.

(3) This

section is repealed on the coming into force of

section 5(1) and (2). 5(1),

(2) Repealed 2013 cS-19.3 s3. (3),

(4) Repealed 2024 c19 s3. Offences and penalties 6 A person who contravenes

section 3 or 5(1) is guilty of an offence and is liable to a fine of not more than (a) $300 000, or (b) 3 times the amount obtained by the defendant as a result o f the offence,

Section 7

Chapter E-9.5 3

AN ACT TO END PREDATORY LENDING whichever is greater, or to imprisonment for a term of not more than 2 years. Regulations 7 The Minister may make regulations (

a) respecting the total cost o f borrowing, including, without limitation, regulations respecting (

i) the calculation of the total cost of borrowing, and (ii) the fees and charges to be included in and excluded from the total cost of borrowing; (

b) respecting the provision of information and data by payday lenders. 8 (This

section amends the Consumer Protection Act; the amendment has been incorporated into that Act.)

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Document details

Collection	Alberta — Consolidated Statutes
Citation	RSA 2000 cE-9.5
Type	statute
Volume / chapter	RSA 2000 cE-9.5
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	d7cedb8e8300f6690cf1c7629d1fca0abadbd896

Source file is stored in the law ingest library (pdf).