1 (1) In this legislation:
“licence” means a licence as defined in part hands down the Act, to take part in a designated activity known in area 2 of the legislation;
“representation” means a representation as defined in area 4 (1) associated with the Act.
(2) The definitions in part 1 and role 6.1 for the Act make an application for the purposes with this legislation.
Designated activities
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2 the continuing company of payday loan provider is designated when it comes to purposes associated with concept of “designated task” in area 142 regarding the Act.
Application for the Act and legislation
3 The conditions of this Act and also this regulation that apply to an online payday loan connect with each loan, no matter what the true wide range of loan providers mixed up in loan.
Application for a licence
4 (1) a job candidate for the licence must submit the next to the manager:
(a) in the event that applicant is really a business, the names and details of
(i) the senior officers, as defined into the Business Corporations Act, of this business, and
(ii) the useful people who own the shares 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 single proprietor, the title and target associated with the proprietor;
(d) in the event that hq of a job candidate is located outside British Columbia, a certificate of enrollment when you look at the applicant’s house jurisdiction showing the applicant’s title and just about every other names under that your applicant is conducting business.
(2) a job candidate for the licence must additionally submit to your manager
(a) a duplicate of this after papers that the applicant uses or promises to use:
(i) the standard loan contract;
(ii) an example loan agreement for $300 for two weeks, along with costs and costs;
(iii) the price framework for a cash advance, including interest and permissible costs;
(iv) the cancellation notice kind;
(v) an application acknowledging the receipt of this loan termination;
(vi) an example business collection agencies notification as required by area 115 for the Act, and
(b) aggregate information in an application and containing the knowledge needed by the director.
(3) Without restricting paragraph (b) of subsection (2), the data that are aggregate under that paragraph must consist of information respecting how many loans, quantity of deals, loan quantities, loan length and quantity of standard costs.
Licence for every single location
5 A payday loan provider should have a licence that is separate each location from where the payday loan provider conducts company in British Columbia.
Term of licence
6 The manager might issue a licence for a term maybe maybe not surpassing 3 years.
Display of licence
7 (1) A payday lender must prominently show the licence into the location which is why the licence is given.
(2) In the event that payday loan provider does company by way of the world-wide-web, the payday lender must show the licence number as well as other recognition, in an application authorized by the manager, prominently at, or near, the top the basic page regarding the site for British Columbia borrowers.
(3) The payday loan provider must are the licence quantity in most representations and advertisements that are visual.
Company title on licence
8 A payday loan provider should never carry on a company in a title aside from the title in the licence.
Licence application costs
9 at the mercy of any relevant costs set by the authority that is administrative a person must pay the next licence application charges and submit the costs with all 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 your licensee conducts company.
Reporting modifications into the manager
10 (1) A payday loan provider must submit the after information to the manager within week or two for the modification occurring:
(a) a modification of target for the hq or even for an area from which a licensee conducts company;
(b) in the event that licensee is just a organization,
(i) an alteration in the senior officers, as defined when you look at the company Corporations Act, of this licensee, or
(ii) a material improvement in the ownership that is beneficial of stocks of this licensee.
(2) If a lender that is payday modifications towards the papers needed by part 4 (2), the applicant must submit copies associated with changed documents towards the manager within 2 weeks for the modification 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 a couple of years after the cash advance is completely paid back.
Away from Province payday loan providers
12 If your payday loan provider is situated outside British Columbia, the payday lender must make sure the cash advance agreement offers the target associated with payday lender’s workplace in British Columbia for solution of papers.
Indications and notices
13 (1) A payday loan provider must show at each and every for the loan provider’s places of company
(a) an indicator noticeable to borrowers instantly on going into the office, and
(b) an indicator visually noticeable to borrowers at each and every destination where a quick payday loan is negotiated.
(2) an indication under subsection (1) (a) must retain the information described in subsection (4) and
(a) be the absolute minimum of 61 centimetres wide by 76 centimetres in height,
(b) be white and have now a 5 centimetres wide purple edge,
(c) have actually text in a color that contrasts aided by the history, and
(d) have text at the very least 72 points in dimensions.
(3) an indication under subsection (1) (b) must support the information known in subsection (4) and also text at the least 28 points in dimensions.
(4) an indicator needed under this area must contain just the after information within the after order:
“Maximum charges permitted in Uk Columbia for a loan that is payday 15% associated with the principal”;
“We charge. The payday lender’s total prices for a quick payday loan”;
” For the $300 loan for a fortnight:
Total price of borrowing =. The payday lender’s total prices for a $300 loan for two weeks”;
“Apr =. The annual percentage rate charged by the payday lender for the $300 loan for two weeks per 12 months”;
(f) the payday loan provider’s licence quantity.
(5) A payday loan provider conducting business on the world wide web must show a realize that is
(a) regarding the color and it has the information needed under subsections (2) and (4), and
(b) noticeable to borrowers
(i) at or close to the the surface of the page that is introductory of web site for British Columbia borrowers, and
(ii) in an area on the internet site that precedes the application form when it comes to loan.
(6) A payday loan provider that gives, organizes or provides an online payday loan by phone must reveal up to a potential debtor the information in subsection (4).