B.C. toughens rules and licensing on instalment loans

VICTORIA – The B.C. government wants to create new rules for lenders who offer instalment loans, under legislation introduced Tuesday.
Solicitor General Mike Farnworth said proposed changes to consumer protection law will create a licensing and regulatory system for businesses that offer instalment loans, as well as ban some practices the government considers unfair.
“This bill aims to better protect consumers from potentially harmful and predatory business practices,” he said.