Ontario reducing cost of borrowing for payday loans

As anticipated, Ontario is lowering the maximum total cost of borrowing for a payday loan from $21 per $100 borrowed to $18 per $100 borrowed, effective January 1, 2016. Ontario is also proposing additional amendments to the law governing payday loans (under Bill 59, Putting Consumers First Act (Consumer Protection Statute Law Amendment), 2016), which, … Continue reading Ontario reducing cost of borrowing for payday loans

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New rules in Ontario requiring all-in price advertising for travel services

Effective January 1, 2017, travel advertisements in Ontario must be inclusive of all taxes, levies, fees and other charges, when advertising travel services. This requirement applies to any advertisement made by a registered travel agent or wholesaler that refers to the price of travel services, including any online, radio, television or print advertising. The last review … Continue reading New rules in Ontario requiring all-in price advertising for travel services

Ontario to regulate reward points/loyalty programs

Bill 47, Protecting Rewards Points Act (Consumer Protection Amendment), 2016, (the "Bill") has passed third reading in the Ontario Legislative Assembly. The Bill impacts providers of reward/loyalty programs. The Bill prohibits, in prescribed circumstances, the expiry of reward points. Highlights: Definition of consumer agreement. The definition of consumer agreement is amended to include agreements that provide … Continue reading Ontario to regulate reward points/loyalty programs

Ontario Bill to Regulate Alternative Financial Services, Ban Certain Door-to-Door Sales, and License Home Inspectors

Originally published on http://www.casselsbrock.com Bill 59, Putting Consumers First Act (Bill 59), passed first reading on November 3, 2016. Bill 59 includes changes to the Consumer Protection Act (Ontario) (the Consumer Protection Act), the Collection and Debt Settlement Services Act (the CDSSA) and the Payday Loans Act (the Payday Loans Act) and expands the regulation-making … Continue reading Ontario Bill to Regulate Alternative Financial Services, Ban Certain Door-to-Door Sales, and License Home Inspectors

Bank Act Amendments – New Consumer Protection Framework

Originally published on http://www.casselsbrock.com On October 25, 2016, Bill C-29, Budget Implementation Act, 2016, No. 2 (the Bill) received first reading in the House of Commons. The Bill proposes amendments to the Bank Act (Canada) (the Amendments) creating a new Part XII.2, Dealings with Customers and Public, which consolidates the existing consumer protection provisions, streamlines … Continue reading Bank Act Amendments – New Consumer Protection Framework

Ontario bill targets ticket resellers/ticket bots

In the aftermath of the controversy over the price of tickets sold by online ticket resellers for the Tragically Hip’s summer tour, a private member’s bill, Bill 22, Ticket Speculation Amendment Act (Purchase and Sale Requirements), 2016 (“Bill 22”) passed 2nd reading in the Ontario Legislature on September 29, 2016. Bill 22 targets ticket bots, … Continue reading Ontario bill targets ticket resellers/ticket bots

Inspecting businesses for consumer protection compliance

Parliament is back in session and the Ontario government has reintroduced Bill 27 (formerly Bill 218), Burden Reduction Act, 2016 (the “Bill”). The Bill amends 50 statutes in Ontario including the Consumer Protection Act (the “Act”). Overview of the current inspection regime The Bill increases the powers of inspectors under the Act, which provides inspectors … Continue reading Inspecting businesses for consumer protection compliance

Canada looking into credit card fees

The Minister of Finance announced yesterday that the Government of Canada will assess interchange fees charged by credit card networks and the effects of the Visa and MasterCard fee reductions. In November 2014, Visa and MasterCard agreed to limit, for the next 5 years, the amount they charge retailers for processing transactions (i.e. interchange rate) to 1.5% … Continue reading Canada looking into credit card fees