Government of Saskatchewan ministries, Crown corporations and organizations are implementing contingency plans to minimize the impacts of postal service disruption.
Les ministères, sociétés d’État et organismes du gouvernement de la Saskatchewan mettent en œuvre des plans d’urgence (en anglais) visant à réduire les répercussions de l’interruption du service des postes.
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Released on August 11, 2017
Starting February 15, 2018, changes to The Payday Loans Regulations will result in a reduction in the maximum allowable cost a payday lender can charge on a loan and a reduction in the fee if there is a dishonoured payment.
In practice, most payday loans are due on the borrower’s next payday. Currently, the maximum cost of borrowing for a payday loan is capped at 23 per cent of the loan amount, no matter how many days the loan is for. That means, for every $100 a consumer borrows, they could be charged up to $23. The maximum cost of borrowing will be reduced to 17 per cent of the loan amount.
This change will match British Columbia and Manitoba’s rules for payday loans. Additionally, the fee charged for a dishonoured cheque or payment typically known as a non-sufficient funds fee (NSF fee) will be reduced to $25 from $50 and may still only be charged once per loan. This means consumers who have one or more dishonoured payments in relation to the same payday loan would only be charged a single NSF fee of up to $25.
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For more information, contact:
Matthew Barton
Financial and Consumer Affairs Authority
Regina
Phone: 306-787-6067
Email: matthew.barton@gov.sk.ca
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