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The Saskatchewan government has introduced legislation to regulate the payday loan industry.

• PUBLICATION: Broadcast News
• DATE: 2007.03.13
• CATEGORY: Western Regional News
• KEYWORDS: FINANCE BUSINESS FINSERVICES POLITICS SOCIAL

REGINA -- The Saskatchewan government has introduced legislation to regulate the payday loan industry.

Justice Minister Frank Quennell says the short-term loans have become so popular that companies need to be regulated to protect their customers.

Among the regulations, the government will be allowed to establish maximum interest rates and lenders will be prohibited from having more than one loan with the same customer at the same time.

Lenders will also be prohibited from taking any security on the loan and they won't be allowed to make the loan contingent on the purchase of another product or service.

Manitoba and Nova Scotia already have similar legislation.