The Common Front for Social Justice says new rules for payday lenders in New Brunswick to help protect consumers is a small step but a good one.
Spokesperson Maxime Dube says the anti-poverty group believes it’s more important to ensure those who are vulnerable don’t have to resort to those kinds of loans.
“We ask for pay equity, a livable minimum wage at $15, better working conditions and better public service,” he notes.
Starting in January, payday lenders must meet new regulations in New Brunswick including being licensed, providing more disclosure on borrowing costs and setting maximum rates and fees.
The Financial and Consumer Services Commission, a Crown corporation, will be responsible for enforcing the new rules.
