Ontario Legislation


Ontario was the second province to complete the regulatory process laid out under CC 347.1, with its laws taking effect (December 15, 2009) only 44 days after British Columbia's.  Because of this, as well as the large population of Ontario providing a great deal of data on how the laws have impacted the industry, the other provinces who chose (or chose not to) regulate have cited its laws heavily when designing their own regulations.

There are two primary acts passed regarding payday loans: the Payday Loans Act, 2008 and the Ontario Regulations 98/09.  The first lays out the structure of the regulatory system, puts forth a number of consumer protection rules for cost of fcredit disclosure, and grants the authority to the Ministry of Consumer Services to set limits on fees and other aspects of payday loans.  The second sets out the specific values which were chosen by the ministry after a period of public consultation and took effect on September 1, 2011.  The most important consumer facing elements are:

Enforcement of the legislation is carried out by Ministry of Government and Consumer Services.  The ministry adminstrates all payday licensing throughout the province, and has several inspectors who perform on and off site audits on a roughly annual basis.