I've introduced Bill 234 the Payday Loans Accountability Act to ensure enhanced protection for people who are using payday loans. It’s important now, especially during COVID-19, when people are really struggling with their finances. We want to ensure that these borrowers are protected.
WHEREAS the Covid-19 pandemic has create more financial precarity in Ontario and driven Ontarians to borrow money from payday lenders to make ends meet;
WHEREAS too many payday lenders trap borrowers in cycles of debt through exorbitant interest rates and a lack information;
WHEREAS borrowers deserve a universal capped interest rate and stronger standardized industry regulations;
THEREFORE we the undersigned petition the Legislative Assembly of Ontario, that the government immediately pass the Payday Loans Accountability Act which would cap interest rates, establish a Borrower’s Bill of Right and a Payday Loans Taskforce to give borrowers the protection they need.