Ontario Debates Payday Loan Bill - Part 1

Part 1 | Part 2 | Part 3

Some interesting and diverse views have emerged from the debates pertaining to Ontario's new payday loan bill. The full text of the debate at second reading is available here.

On account of being a bit of a slow reader, I will provide tidbits of the transcripts as I get through them over the next few days. Here's a start:

The Liberals understand the value of competition as part of a consumer protection framework:

"This proposed legislation would solidify our progress to date by creating a regulatory framework that encourages competition, while discouraging the now familiar cycle of debt dependency that can result from these loans, especially for those Ontarians who can least afford it. If passed, the proposed legislation would deliver real and positive changes and increase public confidence in the integrity of this industry."

"If the Payday Loans Act, 2008, is passed, payday lenders will have a regulated environment that affords competition and economic growth. Users of payday loans will be protected from harmful industry practices and will have remedies if payday lenders do not follow the new rules."

-Charles Sousa, Mississauga South


Brad Duguid (Scarborough Centre) offers his opinion of the NDP approach to payday loan regulation:

"...unlike the NDP, who no doubt are going to offer up some Pollyanna policy of probably zero per cent or something like that and think that's going to work. What that is going to do is drive the industry underground. People in very responsible positions in the area of helping those who are less advantaged are telling us to make sure, when we bring this bill forward, that we do it in a reasonable, fair and balanced way to ensure that we don't drive this industry underground."

More to come as I pick through this fascinating reading material so that you don't have to...