We are doing
everything we can to protect consumers when they get a payday
loan but it isn't enough because fully one-third of the industry
doesn't play by the rules.
Michael Thompson, President, CPLA
Provinces have been asking the federal government for the
regulate payday lending. Manitoba, British Columbia, Alberta,
Nova Scotia and recently Saskatchewan have all signaled plans to
industry once the federal legislative changes are in place.
"There is widespread consensus among stakeholders, the industry
association, the provinces and the federal government, that
regulation of the
industry is necessary and warranted. All that is needed to get
rolling is federal legislation," said Michael Thompson, CPLA
federal government has indicated that it will introduce
legislation this Fall.
We sincerely hope that they stick to their commitment."
The CPLA represents 850 of the 1350 stores offering payday loans
approximately 2 million Canadians every year and is leading the
government regulation of the industry.
"With the absence of industry regulation, CPLA introduced a Code
Business Practices that is the toughest industry-imposed
standard in the world" stated Thompson. "We are doing everything
we can to
protect consumers when they get a payday loan but it isn't
fully one-third of the industry doesn't play by the rules."
The CPLA was founded in 2004.