This Explanatory Note had been written as being a reader’s help to Bill 48 and will not form area of the legislation. Bill 48 happens to be enacted as Chapter 9 regarding the Statutes of Ontario, 2008.
The Bill enacts a brand new Act.
The Act regulates pay day loans, that are understood to be in section 347.1 regarding the Criminal Code (Canada) become an advancement of cash in return for a pre-authorized debit or the next re payment of an identical nature however for almost any guarantee, suretyship, overdraft security or safety on home and never by way of a margin loan, pawnbroking, a personal credit line or a charge card. The Act additionally regulates loan that is payday that are defined become agreements under which a loan provider makes a quick payday loan to a debtor, with or with no support of that loan broker. Laws made beneath the Act can offer that the Act pertains to other loans or can exempt classes of individuals, entities or loans that are payday the effective use of the Act.