NEWFOUNDLAND AND LABRADOR REGULATION 71/22

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Newfoundland and Labrador
Regulation 2022

NEWFOUNDLAND AND LABRADOR
REGULATION 71/22

Payday Loans Regulations (Amendment)
under the
Consumer Protection and Business Practices Act
(O.C. 2022-226)

(Filed September 23, 2022)

Under the authority of section 83.11 of the Consumer Protection and Business Practices Act, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John’s, September 23, 2022.

Krista Quinlan
Clerk of the Executive Council

REGULATIONS

Analysis

1. S.7 Amdt.

Maximum total cost of borrowing

2. Commencement

NLR 10/19

1. Subsection 7(1) of the Payday Loans Regulations is repealed and the following substituted:

Maximum total cost of borrowing

7. (1) The maximum total cost of borrowing that may be charged, required or accepted by a payday lender is $14 per $100 lent.

Commencement

2. These regulations come into force on December 15, 2022.