Municipal Licensing & Standards (MLS) is hosting a consultation on proposed new interim rules for payday loan establishments.
The Province of Ontario governs payday lenders and alternative financial services such as cheque-cashing, instalment loans and rent-to-own services. Ontario Bill 59 (Putting Consumers First Act) now provides municipalities with tools to regulate payday lenders through business licensing. As of January 1, 2018, the City has authority to restrict the number and locations of payday loan establishments.
Proposed rules for consultation
New rules being considered are:
- creation of new business licence category for payday loan establishments
- placing a cap on the number of establishments in Toronto, and
- requirement that establishments be licensed by the Province prior to applying for a City-issued licence
This proposed interim approach will provide the City with a mechanism to mitigate the proliferation of these establishments while staff conduct a comprehensive review of the industry and develop final recommendations for regulation of payday loan establishments. The review will include continued research and broad public and stakeholder consultations to better understand the best approach for the City.
When: Wednesday, March 21st from 6:00 p.m. to 8:00 p.m.
Where: North York Civic Centre, Committee Room 3
We invite the public and stakeholders to join us for a presentation on the topic and an opportunity to provide input. The input received at this consultation will inform a report on payday loan establishments to Licensing and Standards Committee on April 10, 2018. Materials from this meeting will be posted here.
Input and feedback can also be sent to: firstname.lastname@example.org
More information: Vanessa Fletcher, 8-3478, Vanessa.Fletcher@toronto.ca