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.
In June, 2008, the Ontario Legislature enacted new legislation to:
On January 1st 2017, the Putting Consumers First Act came into effect with the following changes:
On January 1st 2018, the fee was lowered from $18 per $100 borrowed to $15 per $100 borrowed
On July 1st 2018, further changes came into effect:
Effective August 20, 2020, the Government of Ontario’s amendments to the Payday Loans Act, 2008 will help individuals facing financial hardship by establishing:
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.