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2017-23
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NEW BRUNSWICK
REGULATION 2017-23
under the
Cost of Credit Disclosure and
Payday Loans Act
(O.C. 2017-184)
Filed August 1, 2017
Under section 62 of the
Cost of Credit Disclosure and Payday Loans Act
, the Lieutenant-Governor in Council makes the following Regulation:
Citation
1
This Regulation may be cited as the
Payday Lending Regulation – Cost of Credit Disclosure and Payday Loans Act
.
Definition of “Act”
2
In this Regulation, “Act” means the
Cost of Credit Disclosure and Payday Loans Act
.
Limit regarding total cost of credit
3
For the purposes of subsection 37.31(1) of the Act, the maximum total cost of credit allowed is $15 per $100 advanced under the payday loan.
Limit regarding percentage borrowed in relation to net pay or other net income
4
For the purposes of section 37.36 of the Act, the maximum amount of credit that a payday lender may extend to a borrower is 30% of the net pay or other net income that will be received by the borrower during the term of the payday loan.
Limit regarding amounts payable for default
5
(1)
For the purposes of subsection 37.37(1) of the Act, a payday lender may, in relation to a default by a borrower under a payday loan, charge, require or accept the payment of
(
a
)
a penalty calculated at a rate not exceeding 2.5% per month on the amount of the payday loan in default, and
(
b
)
a penalty not exceeding $20 for each dishonoured cheque or dishonoured pre-authorized debit.
5
(2)
The penalty referred to in paragraph (1)(
a
) is not to be compounded and may be charged, required or accepted only once in a 30-day period.
Limit regarding cheque cashing fees
6
For the purposes of subsection 37.45(2) of the Act, the maximum amount that a person may charge, require or accept as a cheque cashing fee is
(
a
)
$5 for a government cheque for an amount not exceeding $2,500, and
(
b
)
$10 for a government cheque for an amount greater than $2,500.
Commencement
7
This Regulation comes into force on January 1, 2018.
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