Mr. Payday is a licensed lender in the province of British Columbia.
Licence # 50031 Expiry date: 2010-10-31
Maximum charges permitted in BC for a payday loan: 23% of the principal.
We charge: 21% of the principal.
For a $300.00 loan for 14 days:
Total cost of borrowing = $63.00
Total to be repaid = $363.00
Annual Percentage Rate = 547.50%
This information meets the requirements of the Business Practices and Consumer Protection Act.
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BRITISH COLUMBIA REGULATIONS & LICENSING
| PAYDAY LOAN CANCELLATION RIGHTS |
| 112.05 (1) A borrower may cancel a payday loan at any time before the end of the next day that the payday lender is open for business following the date on which the borrower receives the first advance, or before the end of any longer period that may be prescribed in the regulations. (2) For the purposes of subsection (1), (a) receipt of a cash card constitutes an advance if the cash card is in immediate effect on that receipt and can be used by the borrower to obtain cash or acquire goods or services at that time, and (b) if the next business day falls, or the prescribed cancellation period expires, on a holiday, the time for exercising the cancellation right under that subsection is extended to the end of the next day that the payday lender is open for business that is not a holiday. (3) A borrower may cancel a payday loan at any time if the payday lender (a) does not advise the borrower of the borrower's cancellation right under subsection (1), (b) fails to satisfy any of the requirements of section 112.06 (2), (4) (a) and (5) [payday loan agreements], or (c) contravenes a prescribed provision of this Act or the regulations. (4) To exercise cancellation rights under this section, the borrower must (a) complete the cancellation notice provided by the payday lender under section 112.06 (5) and give that notice to the payday lender in accordance with the regulations, and (b) repay, by cash, certified cheque or money order or in another prescribed manner, the amount of all advances made to the borrower under the payday loan on or before the date of cancellation. (5) For the purposes of subsection (4) (b), (a) if the first advance was made in the form of a cheque, a return of the unnegotiated cheque to the payday lender is to be considered a repayment of that advance, and (b) if the first advance was made in the form of a cash card referred to in subsection (2), a return of that card to the payday lender is to be considered a repayment of the first advance to the extent of the cash or credit balance remaining on the cash card. (6) On the cancellation of a payday loan under this section, the payday lender must immediately give the borrower a receipt for the amount the borrower paid or returned to the payday lender on cancelling the loan. (7) Cancellation of a payday loan under this section extinguishes every liability and obligation of the borrower under or related to the loan agreement. You can download cancellation notice from www.mrpayday.ca if it has not already been provided by the Lender and fax it to 1-866-435-2271 or deliver it in person to the lender's office. |
| REMEDIES |
| 112.10 (1) The borrower is not liable to pay the payday lender any amount that (a) exceeds the maximum set by regulation under section 112.02 (1), or (b) a lender is prohibited from charging, requiring or accepting under section 112.03 [prohibitions respecting interest charges] or 112.04 [fees, penalties and charges prohibited unless allowed by regulation]. (2) If the borrower has paid an amount referred to in subsection (1), the borrower is entitled to a refund of all monies paid in excess of the principal of the payday loan. (3) If a payday lender contravenes section 112.08 (1) (a) [other prohibited payday lender practices] by granting a rollover of a payday loan, the borrower is not liable to pay the payday lender any amount that exceeds the principal of that payday loan, and, for certainty, if the rollover is an advancement of a new payday loan to pay out an existing payday loan, the borrower is not liable to pay the payday lender any amount that exceeds the principal of the existing payday loan. (4) If the borrower has paid an amount in excess of the principal referred to in subsection (3), the borrower is entitled to a refund of that amount. (5) If a payday lender contravenes section 112.08 (1) (e) [prohibited payday lender practices - discount the principal] by deducting or withholding any portion of the total cost of credit from the first advance under a payday loan, the borrower is not liable to pay the payday lender any amount that exceeds that advance less the portion deducted or withheld. (6) If the borrower has paid an amount in excess of the advance less the portion described in subsection (5), the borrower is entitled to a refund of that amount. (7) If the borrower is entitled to a refund under subsection (2), (4) or (6), the payday lender must provide the refund immediately on demand by the borrower or by the director. (8) If the terms of a loan agreement require the borrower to pay an amount referred to in subsection (1), the borrower is responsible to repay only the principal of the payday loan and subsections (2) and (7) apply in respect of any payments made in excess of the principal. (9) If the terms of a loan agreement provide for a rollover and require the borrower to pay an amount in excess of the principal referred to in subsection (3), the borrower is responsible to repay only that principal and subsections (4) and (7) apply in respect of any payments made in excess of that principal. (10) If the terms of a loan agreement provide for a deduction or withholding described in subsection (5) and require the borrower to pay an amount in excess of the advance less the portion described in that subsection, the borrower is only responsible to repay an amount equal to the sum of the advance less that portion and subsections (6) and (7) apply in respect of any payments made in excess of that amount. (11) The remedies under this section are in addition to any other remedy available to the borrower and are additional to any other penalty that the payday lender may be subject to under this Act or the regulations. |
Download Loan Cancellation Notice
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