Wednesday, November 8, 2006

Nova Scotia Pushes for Payday Advance Reform

By Paul Rizzo
Payday Loan Writer

The Nova Scotia government is introducing new rules to protect people who use bad credit payday loan services.

The legislation would force lenders to disclose all fees, charges and interest rates, posting them prominently in the store. If they don’t comply, the cash loan would be interest free.

“There will be no hidden costs and no guesses,” said Service Nova Scotia Minister Jamie Muir.

The bill also gives payday borrowers until 5 p.m. the next day to cancel a loan with no penalties, while prohibiting the issuing of payday loans online to pay interest on a previous loan.

The Nova Scotia Utility and Review Board would then determine the maximum interest and fees payday advance lenders can charge.

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