8A (1) A payday loan provider that provides, organizes or provides Web payday advances must show regarding the payday lender’s website a observe that provides the information needed by subsections 8(3) and (4) shown in an obvious and manner that is understandable a color obviously contrasting using the history.
(2) The notice described in subsection (1) needs to be made visually noticeable to borrowers
(a) at or nearby the the surface of the basic web page of this internet site for borrowers in Nova Scotia; and
(b) in an area on the site which comes before the loan application that is payday.
Part 8A included: O.I.C. 2012-115, N.S. Reg. 87/2012.
Payday loan provider must display license
8B a lender that is payday prominently show its license in the location specified in its license from where the payday loan provider offers, organizes or provides pay day loans.
Part 8B included: O.I.C. 2012-115, N.S. Reg. 87/2012.
Payday loan provider of Web pay day loans must show license information
8C A payday lender that offers, organizes or provides Web payday advances must prominently show most of the after permit information at or nearby the the surface of the basic web page for the payday lender’s web site for borrowers in Nova Scotia:
(a) the business enterprise title or design as specified when you look at the license;
(b) the license quantity;
(c) the license expiry date.
Section 8C added: O.I.C. 2012-115, N.S. Reg. 87/2012.
Disclosures to borrower
9 (1) the data needed by clauses 18I(a) to (j) associated with Act as well as the after information should be supplied by the payday lender to a debtor when you look at the loan contract each time a payday lender provides debtor funds or use of funds under a cash advance:
(a) all of this after information for the payday lender and any representative of this loan provider representing the payday loan provider to your debtor:
(ii) company target,
(iii) mailing target,
(iv) telephone number,
(vi) email target;
(b) the borrower’s name and target;
(c) the date that the advance is created or even a money card is supplied;
(d) the quantity of the advance;
( ag ag ag e) the definition of of the loan;
(f) the date on which payment flow from or, if paid back by installments, the times upon which re re payments are due;
(g) an itemization of most charges, fees, commissions, interest, charges and any other add up to be compensated or that may be compensated because of the debtor;
(h) a declaration of this borrower’s directly to obtain a duplicate regarding the loan contract through the loan provider whenever you want upon demand;
(i) if your money card is granted up to a debtor, the stipulations for the money card, including most of the after:
(i) the quantity of credit available regarding the money card,
(ii) any date the money card expires,
(iii) that fees by a 3rd party may submit an application for utilising the cash card at places apart from the payday lender.
(2) The content of this loan contract needed by clause 18I(l) associated with Act must certanly be finalized by both the debtor together with loan provider.
(3) A payday loan provider must make provision for a borrower that is prospective the price of borrowing, and might need just that the borrower give their title in substitution for the details.
9A (1) A payday loan provider must add all the after in its pay day loan advertisements:
(a) the sum total expense of borrowing for a quick payday loan, expressed in bucks and cents per $100 for the loan that is 14-day
(b) the statement “Payday Loans are High-Cost Loans”.
(2) The information needed by clauses (1)(a) and b that is( needs to be presented at least as prominently as every other representation in an ad as well as in the exact same way as other representations are manufactured, whether aesthetically or aurally or both.
Section 9A included: O.I.C. 2011-369, N.S. Reg. 288/2011.
Kind for written notice of termination must certanly be fond of debtor
10 whenever a payday loan provider provides debtor funds or use of funds under a loan that is payday the payday lender must supply the debtor the shape submitted under clause 5(1)(b) for the debtor to make use of to alert the lending company in writing of termination associated with the loan.
Area 10 amended: O.I.C. 2012-115, N.S. Reg. 87/2012.
Balance staying on cash cards
11 (1) during the demand of this debtor, the total amount staying for a money card, whether or not expired, should be used towards repaying the loan that is payday.
(2) When a quick payday loan is paid back, a debtor is eligible to get any quantity staying in the money card through the payday lender, set up money card has expired.
Guidelines for whenever payment by pre-authorized debit dishonoured
12 the principles for the Canadian Payments Association for rejected deals apply when an effort to have payment by pre-authorized debit is dishonoured.
One kind of payment just
13 A payday loan provider should never require a lot more than 1 as a type of payment from a debtor.
Borrower should not be expected to repay loan sooner than borrower’s payday
14 (1) A payday loan provider should never set the due date for repaying a quick payday loan any early in the day than the borrower’s payday that is next.
(2) In subsection (1), “the borrower’s next payday” means the following day that the borrower’s regular wages, settlement or other earnings, including work earnings, earnings support, jobless insurance coverage or any other earnings guarantee, is compensated to your debtor.
Receipts for payment of loan
15 (1) A receipt granted by a payday lender under Section 18M of this Act must certanly be in duplicate so are there copies for both the loan provider therefore the debtor.
(2) utilizing the borrower’s permission, the borrower’s bank documents fulfill the dependence on a payday lender to issue a receipt under Section 18M associated with Act for just about any as a type of payment of an online payday loan except that payment in money.
Wage projects maybe maybe perhaps perhaps not utilized to facilitate loans
16 A payday loan provider should never request or accept a wage project, or a project of any other type of earnings, to facilitate repaying a loan that is payday.
Future payments not to ever go beyond total number of loan
17 A payday loan provider should never need a debtor to supply pre-authorized debits or future payments of an identical nature for a quantity higher than the quantity required to repay the cash advance regarding the date that is due.
Costs a part of price of borrowing