1 (1) In this legislation:
“licence” means a licence as defined in area one of the Act, to take part in a designated activity known in part 2 of the legislation;
“representation” means a representation as defined in part 4 (1) for the Act.
(2) The definitions in part 1 and role 6.1 associated with the Act make an application for the purposes of the legislation.
Designated activities
2 The company of payday lender is designated when it comes to purposes for the concept of “designated task” in part 142 of this Act.
Application for the Act and legislation
3 The conditions for the Act and also this regulation that apply to an online payday loan connect with each loan, whatever the true quantity of loan providers active in the loan.
Application for a licence
4 (1) a job candidate for the licence must submit listed here towards the manager:
(a) in the event that applicant is a company, the names and details of
(i) the senior officers, as defined when you look at the company Corporations Act, of this organization, and
(ii) the useful people who own the stocks of this organization;
(b) in the event that applicant is a partnership, the title and target of each and every partner when you look at the partnership;
(c) in the event that applicant is just a proprietor that is sole the title and target for the proprietor;
(d) if the hq of a job candidate is located outside British Columbia, a certification of enrollment within the applicant’s house jurisdiction showing the applicant’s name and just about every other names under that your applicant is conducting business.
(2) a job candidate for a licence must additionally submit to your manager
(a) a duplicate associated with documents that are following the applicant uses or promises to utilize:
(i) the loan agreement that is standard
(ii) an example loan contract for $300 for two weeks, along with charges and costs;
(iii) the price framework for a cash advance, including interest and permissible fees;
(iv) the cancellation notice kind;
(v) an application acknowledging the receipt associated with the loan termination;
(vi) an example business collection agencies notification as needed by area 115 regarding the Act, and
(b) aggregate inkindation in an application and containing the knowledge required because of the manager.
(3) Without restricting paragraph (b) of subsection (2), the data that are aggregate under that paragraph must add information respecting the sheer number of loans, quantity of deals, loan quantities, loan timeframe and wide range of standard costs.
Licence for every single location
5 A payday loan provider will need to have a separate licence for each location from where the payday loan provider conducts business in British Columbia.
Term of licence
6 The manager might issue a licence for a term maybe maybe maybe not surpassing 36 months.
Show of licence
7 (1) A payday loan provider must prominently show the licence when you look at the location which is why the licence is granted.
(2) In the event that payday loan provider does company by way of the internet, the lender that is payday show the licence quantity along with other recognition, in an application authorized because of the manager, prominently at, or near, the top the basic web page of this site for British Columbia borrowers.
(3) The payday loan provider must are the licence quantity in every representations and advertisements that are visual.
Company title on licence
8 A payday loan provider should never carry a business on in a title except that the name regarding the licence.
Licence application charges
9 at the mercy of any relevant costs set because of the authority that is administrative a person need to pay the next licence application charges and submit the charges because of the man or woman’s application for a licence:
(a) $1 500 each year for the hq or main location;
(b) $750 each year for every location that is additional that the licensee conducts company.
Reporting modifications to your manager
10 (1) A payday loan provider must submit the after information to the manager within 2 weeks for the modification occurring:
(a) a big change in target for the head office or for a place from where a licensee conducts company;
(b) in the event that licensee is really a business,
(i) an alteration in the senior officers, as defined when you look at the company Corporations Act, regarding the licensee, or
(ii) a product improvement in the ownership that is beneficial of stocks associated with the licensee.
(2) If a lender that is payday modifications into the papers required by area 4 (2), the applicant must submit copies for the changed documents to your manager within fourteen days associated with the change occurring.
Retention of papers
11 A payday loan provider must retain all pay day loan agreements, receipts as well as other papers useful for each cash advance for a time period of 24 months after the pay day loan is completely paid back.
Away from Province payday lenders
12 If a payday loan provider is based outside British Columbia, the payday lender must make certain that the pay day loan agreement provides the target of this payday lender’s workplace in British Columbia for solution of papers.
Signs and notices
13 (1) A payday loan provider must show at each and every regarding the loan provider’s places of company
(a) an indicator visually noticeable to borrowers instantly on going into the office, and
(b) an indication noticeable to borrowers at each and every destination where a quick payday loan is negotiated.
(2) an indication under subsection (1) (a) must support the information referred to in subsection (4) and
(a) be the absolute minimum of 61 centimetres in width by 76 centimetres in height,
(b) be white and have now a 5 centimetres wide purple border,
(c) have actually text in a color that contrasts using the history, and
(d) have text at the least 72 points in proportions.
(3) an indication under subsection (1) (b) must retain the information referred to in subsection (4) and now have text at the least 28 points in proportions.
(4) an indicator needed under this part must include just the after information when you look at the after order:
“Maximum charges permitted in Uk Columbia for the loan that is payday 15% for the principal”;
“We charge. The payday lender’s total costs for a quick payday loan”;
” For a $300 loan for a fortnight:
Total price of borrowing =. The payday lender’s total prices for a $300 loan for two weeks”;
“Apr =. The apr charged by the payday lender for the $300 loan for two weeks per 12 months”;
(f) the payday lender’s licence quantity.
(5) A payday loan provider business that is doing the world-wide-web must show a realize that is
(a) for the color and contains the information needed under subsections (2) and (4), and
(b) noticeable to borrowers
(i) at or nearby the the top of basic web page associated with the web site for British Columbia borrowers, and
(ii) in an area on the internet site that precedes the applying when it comes to loan.
(6) A payday loan provider that gives, organizes or provides an online payday loan by phone must reveal to a borrower that is prospective information in subsection (4).