Stricter rules force closure of Alberta lending that is payday, states industry employer

Stricter rules force closure of Alberta lending that is payday, states industry employer

An indicator marketing payday advances sometimes appears at money Canada in Edmonton, Alta., on Oct. 7, 2015. Codie McLachlan / Postmedia, file

Pay day loan licences have actually fallen by significantly more than one-quarter since the NDP federal federal government enacted stricter guidelines for loan providers in 2016 and more brick-and-mortar shops might be shuttering within the next one year, warns the president associated with industry relationship.

Ahead of Bill 15, also referred to as the Act to get rid of Predatory Lending, pay day loan businesses had about 230 licensed shops in Alberta.

But at the time of a couple of weeks ago, that true number had fallen to 165, Canadian Consumer Finance Association president and CEO Tony Irwin stated.