Up until 2006, payday loans were nominally illegal in Canada under the usury laws, however large lenders have been operating since at least 1982. After 2006, the federal government delegated regulation of payday loans to the provinces, provided the province laid out an acceptable regulatory regime.
In September 29, 2011 Saskatchewan's regulations for payday loans came into effect, fulflling the requirements of the federal usury law's exemption for payday loans. The main consumer-facing effects of the legislation are:
Enforcement of the legislation is carried out by Financial and Consumer Affairs Authority. They handle the licensing and inspections of payday lenders, as well as handling consumer complaints.