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Making Phyllo Parcels with a Greek Yaya | SaltWire #halifaxnovascotia #greekfood #cookingST. JOHN'S, N.L. — Newfoundland and Labrador is the first Atlantic Canadian province to introduce new regulations for high-cost credit lenders.
The amendments to the Consumer Protection and Business Practices Act, which took effect June 1, set rules for high-cost credit services, aimed at better protecting consumers who need to take out loans.They prohibit certain practices and require lenders to follow specific guidelines when entering into credit agreements. Loans with interest rates at or above the Bank of Canada rate plus 22 per cent are considered high-cost credit products, matching Quebec for the lowest threshold in the country.
High-cost credit lenders offer installment loans at high interest rates, distinct from banks, credit unions, and payday lenders. These loans, which can be used for home furnishings, renovations, or vehicle purchases, often come with high renewal and other fees and high-rate compounding interest. Since April 2019, Newfoundland and Labrador has regulated payday loans, which are for amounts less than $1,500 with terms under 62 days. The province's maximum cost of borrowing for payday loans is $14 per $100 loaned, the lowest in the country.
For more information on the new regulations, visit the Government of Newfoundland and Labrador's website.It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home. Our 100 journalists strive to inform and improve our East Coast communities by delivering impartial, high-impact, local journalism that provokes thought and action.
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