Council approves new rules for payday lenders
Posted Jun 21, 2016 7:27 am.
This article is more than 5 years old.
The city has tightened regulations on the payday loan industry.
Council passed a new by-law that says the businesses must prominently display and provide information about money management and debt counselling to those seeking their services.
The only councillor to vote against the measures was Sean Chu, who thought the new rules went overboard.
He said, soon we’d be issuing helmets to every citizen.
Councillor Brian Pincott argued they had an obligation to protect Calgarians.
The penalty for payday lenders who fail to follow the new changes is a $1,000 fine.
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