WHEREAS payday loan lending can place users in a negative cycle of continuing indebtedness; AND WHEREAS local governments are concerned about the impacts of payday loan lending on residents and the economic vibrancy of our communities: Therefore be it resolved that the Union of BC Municipalities call on the provincial government to amend the Payday Loans Regulation section of the Business Practices and Consumer Protection Act, to include lowering of the maximum fee percentage and interest rates as well as requiring payday lenders to offer installment-based repayment options; And be it further resolved that the applicable legislation be amended to prohibit the issuing of more than one loan in the same week to the same applicant from any lender.
Year
2015
Number
B122
Sponsor(s)
Burnaby
Convention Decision
Not Considered - Automatic Referral to Executive
Executive Decision
Referred to Community Safety Committee