Alberta Legislation

The province of Alberta regulated the issuing of payday loans beginning in part on September 1, 2009, with the limit on interest coming into force on  March 1, 2010.  The federal government acknowledged this regulation by issuing an exemption from Criminal Code section 347.1 on February 2, 2010.  The maximum interest rate was set at 23%.

In 2007, after the election of the NDP government, the payday loan legislation was radically overhauled with the maximum interest rate dropped down to 15%, and all loans required to be for between 42 and 62 days, with three payments (or two if the borrower is paid monthly).