Payday Loans in Canada
According to the Criminal Code of Canada, in any case the interests of more than 60% per annum is considered criminal. On 14 August 2006, the Supreme Court of BC for its decision in a class action against loans pay a OK. OK A charge its customers 21% interest, and a “transformation” costs of C $ 9.50 $ 50.00 for each loan. In addition, a “report” in the amount of $ 25.00 for every $ 100.00 was taken, if a customer wanted to delay payment. The judge decided that the treatment and the deferral of interest taxes, royalties and an investigation was OK to its customers a criminal interest rates. The payment of this decision is likely several million dollars. The British Columbia Court of Appeal unanimously upheld that decision. The federal law passed in spring 2007, transfer the regulatory authority on the day of payroll loans to the provinces.