Manitoba Payday Loan Legislation Update

The Province of Manitoba put out a press release this morning to announce that their legislation has received the Federal designation that is called for under Federal Bill C-26. Manitoba is the first Province to receive this designation and is on pace to have its payday loan legislation come into force in the fall.

The only possible delay on the horizon stems from a Court of Appeal action launched by The Cash Store Financial Services (formerly Rentcash) that argues against the Manitoba Public Utility Board's rate cap decision:

"'The court of appeal has moved quickly to get itself in a position to decide whether there is any basis for an appeal,' said (Finance Minister) Selinger. 'Our current intention is to wait until after the court makes that initial decision before making any further comments about dates when we can begin to regulate payday loans.'"

The Court of Appeal is scheduled to consider this matter next week.