Spring 2016 - Bill 15: An Act to End Predatory Lending
In the fall 0f 2015 the government conducted extensive consultations across the province, and found that Albertans overwhelmingly wanted change to the pay-day loan business.
Bill 15 was passed in the Legislature on May 25, and when implemented will lower the cost of borrowing from $23 on $100 to $15 on $100.
It will also introduce mandatory installment payments, which will allow borrowers to pay off their debt more easily, and will require payday loan providers to provide financial literacy resources to their clients.
Revision of the payday loan business is widely seen by anti-poverty groups as necessary to stop the cycle of debt into which many low-income or marginalized individuals fall.
Bill 15 passed third reading on May 25, 2016 and most regulations came into force on May 27, 2016.