December 2011

December 2011

Proclamation Date Set for The Payday Loans Act

December 6, 2011 – The government will proclaim The Payday Loans Act (the “Act”) in force as of January 1, 2012. The Act establishes a comprehensive framework for the regulation of payday lenders that will provide necessary protection to borrowers while still allowing for a viable payday loan industry in Saskatchewan.

The Act will be administered by the Payday Loans Division of the Saskatchewan Financial Services Commission.  

The Act includes measures to address the cancellation of payday loans, the disclosure of fees and charges for payday loans and the collection of overdue loans by payday lenders. 

• For more information, please contact:

Angela Fraser, Audit Manager 
Payday Loans Division 
Saskatchewan Financial Services Commission
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan  S4P 4H2
Phone:  (306) 798-3387
Fax:  (306) 798-4425
Email:  angela.fraser@gov.sk.ca