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"Consumer lenders are facing new laws in Manitoba

In Manitoba, on September 1, 2016, new legislation will come into force to govern the use of personal and commercial banking credits and facilities that correspond to the definitions of a "high-priced loan product". Thereafter, a retail creditor offering, arranging or providing a high-priced Manitoba loan shall be liable to license, disclose, account and other similar payment day loan law obligations.

This new legislation represents a significant deviation from the harmonised costs of the loan information legislation that applies in many other countries, Manitoba included, which would otherwise be applicable to this type of lending service. IS A HIGH-PRICED DEBT INSTRUMENT? High-priced loans are loans, lines of credits or similar loans that meet certain requirements.

Cash or line of credit facility with an interest annually in excess of 32 percent; an uncollateralized facility with a nominal amount of C$5,000 or less, to be repaid over a maximum of two years, with an interest of up to 32 percent and the ability to pay a premium on the facility.

An " High Priced Loan Fees " is in the broadest sense of the term meaning any fees, charges or penalties to be paid to the Creditor or any third person (e.g., agent's fees, administration fees, fees for accessing funding, debit cards fees, fees for excess limits or fees for secure individual property); an uncollateralized line of credit having a ceiling of C$5,000, with one or more of the following criteria:

An advance or line of credit backed by personally owned assets pawned as security and incorporated under the Personal Property Security Act, where the revenue from the advance or line of credit is not used to buy the backed personally owned assets, and where the Mortgagor is, or may be, obligated to make a high charge.

Please be aware that credits card and margined loan are explicitly exempted from the definitions of a high-priced loan as such. Lenders who offer, broker or provide high-priced loan services are obliged to obtain a license to run a business in Manitoba. Manitoba, a license is needed for each of the locations.

Creditors must affix clear labels at each site indicating that their goods are high-priced lending goods and indicating, inter alia, each element of the borrowing costs. In several respects, the shape and contents of a high-priced borrower's note differ significantly from those of a normal borrower's note.

This requirement means that a domestic creditor using a harmonised English Canada format and offering costly lending services in Manitoba will no longer be able to use its English Canada format in relation to those services. Furthermore, the Executive Director must authorise the type of contract to be used by the creditor.

New legislation recognises that credit contracts are becoming more and more electronic, even via portable equipment. There is a useful clause that frees online lenders from the obligation to offer the possibility to ask a question before concluding the credit contract. A further problem in the online environment is that lenders may have to make immediate advances of money.

Borrowers have the right to terminate an expensive loan contract within 48 consecutive working days, except Saturdays and other public holiday periods. Creditors must, however, be clear about, inter alia, supplementary obligations relating to forbidden activity, the handling of pre-authorised direct debit transactions, the use of the borrower's information and retention obligations.

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