BILL 13 – AN ACT TO AMEND THE CONSUMER PROTECTION AND BUSINESS PRACTICES ACT
BILL 13 – AN ACT TO AMEND THE CONSUMER PROTECTION AND BUSINESS PRACTICES ACT
Legislative amendments to the Consumer Protection and Business Practices Act were introduced in October in the House of Assembly to regulate high-cost credit lending in Newfoundland. The government recognizes that high-cost credit products may help individuals with no other options, however, enhancing consumer protections are necessary to maintain higher standards of business practices within the industry.
While the bill intends to cover issues of disclosure, limits on total cost borrowing, prohibition of undisclosed fees, cancellation rights, and other related issues, there is potential for creating additional burden and red tape for industry.
The following are business and industry critical items that may result in significant restructuring to technical systems that should be examined and analyzed accordingly:
- High-cost credit – Leases (APR)
- Prohibited Practices – Relating to incentives
- Receipts for Payments
- Marketing and Advertising
- Licensing
- Regulatory Retroactivity
The entirety of the bill can be viewed here: https://www.assembly.nl.ca/HouseBusiness/Bills/ga50session2/bill2213.htm