8A (1) A payday lender which provides, organizes or provides Web payday advances must show in the payday lender’s website an observe that offers the information needed by subsections 8(3) and (4) shown in a definite and manner that is understandable a color demonstrably contrasting utilizing the history.
(2) The notice described in subsection (1) should be made visually noticeable to borrowers
(a) at or nearby the the surface of the page that is introductory of internet site for borrowers in Nova Scotia; and
(b) in a spot on the internet site which comes prior to the loan application that is payday.
Part 8A included: O.I.C. 2012-115, N.S. Reg. 87/2012.
Payday loan provider must show license
8B A payday lender must prominently show its license in the location specified with its license from where the payday loan provider offers, organizes or provides payday advances.
Part 8B added: O.I.C. 2012-115, N.S. Reg. 87/2012.
Payday loan provider of Web payday advances must show license information
8C A payday lender that offers, arranges or provides Web payday advances must prominently show every one of the after license information at or nearby the the top of basic web web web page of this payday lender’s web site for borrowers in Nova Scotia:
(a) the company name or design as specified into the license;
(b) the license quantity;
(c) the license expiry date.
Part 8C added: O.I.C. 2012-115, N.S. Reg. 87/2012.
Disclosures to borrower
9 (1) the info needed by clauses 18I(a) to (j) for the Act additionally the after information must certanly be supplied by the payday lender to a debtor when you look at the loan contract each time a payday lender provides a debtor funds or usage of funds under a loan that is payday
(a) all for the after information for the payday lender and any representative for the loan provider representing the payday loan provider to your debtor:
(ii) company target,
(iii) mailing target,
(iv) cell phone number,
(vi) email target;
(b) the borrower’s title and target;
(c) the date that the advance is manufactured or a money card is supplied;
(d) the total amount of the advance;
( ag ag ag e) the word regarding the loan;
(f) the date upon which payment flow from or, if paid back by installments, the times on which re re re payments are due;
(g) an itemization of most costs, costs, commissions, interest, charges and just about every other add up to be compensated or that would be paid because of the debtor;
(h) a declaration of this borrower’s directly to get a duplicate associated with loan contract through the loan provider whenever you want upon demand;
(i) in case a money card is given up to a debtor, the stipulations regarding the money card, including all the after:
(i) the actual quantity of credit available from the cash card,
(ii) any date the money card expires,
(iii) that fees by a 3rd party may submit an application for utilizing the money card at places aside from the payday lender.
(2) The content regarding the loan contract needed by clause l that is 18I( of this Act must certanly be finalized by both the debtor additionally the loan provider.
(3) A payday loan provider must definitely provide a borrower that is prospective the expense of borrowing, and might need just that the debtor give their title in substitution for the knowledge.
9A (1) A payday loan provider must add all the following with its cash advance advertisements:
(a) the sum total expense of borrowing for a quick payday loan, expressed in bucks and cents per $100 for a loan that is 14-day
(b) the statement “Payday Loans are High-Cost Loans”.
(2) The information needed by clauses (1)(a) and b that is( needs to be presented at least as prominently as some other representation in an ad plus in the exact same way as other representations are built, whether aesthetically or aurally or both.
Section 9A included: O.I.C. 2011-369, N.S. Reg. 288/2011.
Kind for written notice of termination must certanly be fond of debtor
10 whenever a payday loan provider provides a debtor funds or usage of funds under a loan that is payday the payday lender must provide the debtor the proper execution submitted under clause 5(1)(b) for online payday loans Michigan the debtor to utilize to inform the lending company written down of cancellation for the loan.
Part 10 amended: O.I.C. 2012-115, N.S. Reg. 87/2012.
Balance staying on money cards
11 (1) during the demand for the debtor, the total amount staying for a money card, even when expired, must certanly be used towards repaying the pay day loan.
(2) When an online payday loan was paid back, a debtor is eligible to get any quantity staying regarding the money card from the lender that is payday set up money card has expired.
Guidelines for whenever payment by pre-authorized debit dishonoured
12 the principles for the Canadian Payments Association for rejected deals apply when an effort to get payment by pre-authorized debit is dishonoured.
One as a type of payment just
13 A payday loan provider should never require significantly more than 1 kind of payment from a debtor.
Borrower ought not to be needed to repay loan sooner than borrower’s payday
14 (1) A payday loan provider must not set the deadline for repaying an online payday loan any previous than the borrower’s payday that is next.
(2) In subsection (1), “the borrower’s next payday” means the day that is next the borrower’s regular wages, payment or any other earnings, including employment earnings, earnings help, jobless insurance coverage or any other earnings guarantee, is compensated towards the debtor.
Receipts for payment of loan
15 (1) A receipt granted with a payday lender under Section 18M associated with Act should be in duplicate so are there copies for the loan provider plus the debtor.
(2) Using The borrower’s permission, the borrower’s bank documents fulfill the requirement of a lender that is payday issue a receipt under Section 18M associated with the Act for just about any kind of payment of an online payday loan aside from payment in money.
Wage projects maybe perhaps not utilized to facilitate loans
16 A payday loan provider should never request or accept a wage project, or a project of any other types of earnings, to facilitate repaying a loan that is payday.
Future payments never to go beyond amount that is total of
17 A payday loan provider should never need a debtor to present pre-authorized debits or future payments of an equivalent nature for a sum more than the total amount essential to repay the pay day loan in the date that is due.
Fees a part of price of borrowing