New Brunswick Payday Loan Legislation Passes Today

New Brunswick today became the fifth Canadian province to pass enabling legislation. Bill 4 received royal assent today and New Brunswick will now move towards setting regulations and fixing a maximum cost of credit that payday lenders can charge for a cash advance in that province. A copy of the bill is available here: PDF - HTML

The New Brunswick Energy and Utilities Board will be charged with setting rates.

New Brunswick joins British Columbia, Saskatchewan, Manitoba and Nova Scotia as the provinces that have passed payday loan regulations. Ontario is expected to be the next jurisdiction to pass legislation - their bill is currently awaiting second reading.