Tuesday, February 26, 2019

Government takes action to strengthen consumer protections


Today our government announced more measures to strengthen consumer protections and improve affordability for BC’s most financially vulnerable people.

Over the last few years, I’ve unfortunately heard from too many constituents who were living paycheque to paycheque, and who were sometimes forced to seek high-cost loans to pay for unexpected or emergency expenses. These loans from alternative lenders often came with terms and conditions that were almost impossible to meet, ensnaring folks in a negative feedback loop of debt payments and increasing interest charges.

Our government has already introduced tougher rules on payday loans and cheque-cashing fees, and the new regulatory framework announced today provides stronger protections and safeguards for folks using these services, including set limits on the total cost of borrowing, creating borrowers’ rights and remedies, and prohibiting certain fees and chargers. There’s also an educational component so folks can be more informed when they choose to borrow money.

More information about the proposed changes is available here: 

And for more info about borrowing money in general, click here: https://www2.gov.bc.ca/gov/content/family-social-supports/borrowing-money