McGuinty Government Takes Action To Ban Controversial Lending Practices TORONTO, June 9 /CNW/ - NEWS Consumers who use payday loan services in Ontario now have enhanced protection. The new Payday Loans Act, 2008 will enhance consumer protection by licensing all payday lending industry operators and banning controversial lending practices. Ontario Regulations Ontario amended its regulation under the Consumer Protection Act, 2002, (CPA), to create protections tailored to users of payday loans. It requires lenders to post information to enable borrowers to compare lending costs; requires specific information to be clearly set out on the first page of the payday credit agreement; and requires the payday credit agreement to be delivered to the borrower upon entering into the agreement. Read More