8A (1) A payday loan provider that provides, organizes or provides online payday advances must show in the payday lenderвЂ™s website a observe that provides the information needed by subsections 8(3) and (4) shown in Texas direct payday lenders a definite and manner that is understandable a color demonstrably contrasting with all the history.
(2) The notice described in subsection (1) must certanly be made visible to borrowers
(a) at or close to the the surface of the basic web page of this internet site for borrowers in Nova Scotia; and
(b) in an area on the internet site which comes prior to the pay day loan application.
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 permit at the location specified with its permit from where the payday loan provider offers, organizes or provides payday advances.
Part 8B included: 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, organizes or provides online payday advances must prominently show most of the after license information at or close to the the top of basic web web web web page of this payday lenderвЂ™s internet site for borrowers in Nova Scotia:
(a) the business enterprise title or design as specified when you look at the license;
(b) the license quantity;
(c) the license expiration date.
Part 8C added: O.I.C. 2012-115, N.S. Reg. 87/2012.
Disclosures to borrower
9 (1) the details needed by clauses 18I(a) to (j) associated with Act and also the after information should be given by the payday lender to a debtor when you look at the loan contract when a payday lender provides debtor funds or use of funds under a loan that is payday
(a) all of this information that is following the payday lender and any representative of this loan provider representing the payday loan provider to your debtor:
(ii) company address,
(iii) mailing target,
(iv) cell phone number,
(vi) email target;
(b) the borrowerвЂ™s title and target;
(c) the date that the advance is created or even a money card is supplied;
(d) the amount of the advance;
( ag ag e) the word of the loan;
(f) the date on which payment is born or, if paid back by installments, the times by which re re payments are due;
(g) an itemization of most charges, fees, commissions, interest, charges and just about every other total be compensated or that might be compensated by the debtor;
(h) a declaration for the borrowerвЂ™s directly to get a duplicate associated with the loan contract through the loan provider whenever you want upon demand;
(i) in case a money card is released to a borrower, the conditions and terms associated with money card, including most of the after:
(i) the total amount of credit available in the cash card,
(ii) any date the bucks card expires,
(iii) that fees by an authorized may make an application for utilizing the money card at areas apart from the payday lender.
(2) The content associated with the loan contract needed by clause 18I(l) regarding the Act should be finalized by both the debtor while the loan provider.
(3) A payday loan provider must definitely provide a potential borrower with the expense of borrowing, and could need just that the debtor give their title in substitution for the knowledge.
9A (1) A payday loan provider must consist of most of the after in its pay day loan advertisements:
(a) the sum total expense of borrowing for a quick payday loan, expressed in bucks and cents per $100 for the 14-day loan;
(b) the statement вЂњPayday Loans are High-Cost LoansвЂќ.
(2) The information needed by clauses (1)(a) and (b) needs to be shown at the very least as prominently as just about any representation in an ad as well as in the exact same manner as other representations are built, whether visually or aurally or both.
Section 9A included: O.I.C. 2011-369, N.S. Reg. 288/2011.
Type for written notice of cancellation must certanly be fond of debtor
10 whenever a payday loan provider provides debtor funds or usage of funds under a loan that is payday the payday lender must supply the debtor the shape submitted under clause 5(1)(b) for the debtor to make use of to alert the lending company written down of termination associated with the loan.
Area 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, no matter if expired, should be used towards repaying the cash advance.
(2) When an online payday loan was paid back, a debtor is eligible to get any quantity staying in the money card through the payday lender, set up money card has expired.
Guidelines for whenever payment by pre-authorized debit dishonoured
12 the principles associated with Canadian Payments Association for rejected deals apply when an endeavor to get payment by pre-authorized debit is dishonoured.
One kind of payment just
13 A payday loan provider should never require significantly more than 1 type of payment from a debtor.
Borrower ought not to be necessary to repay loan sooner than borrowerвЂ™s payday
14 (1) A payday loan provider should never set the deadline for repaying an online payday loan any previous than the borrowerвЂ™s next payday.
(2) In subsection (1), вЂњthe borrowerвЂ™s next paydayвЂќ means the following day that the borrowerвЂ™s regular wages, payment or any other earnings, including employment earnings, earnings help, jobless insurance coverage or any other earnings guarantee, is compensated into the debtor.
Receipts for payment of loan
15 (1) A receipt released with a lender that is payday Section 18M of this Act needs to be in duplicate so might there be copies for the loan provider therefore the debtor.
(2) aided by the borrowerвЂ™s permission, the borrowerвЂ™s bank documents fulfill the dependence on a payday lender to issue a receipt under Section 18M associated with the Act for almost any type of payment of an online payday loan except that payment in money.
Wage projects perhaps maybe not used to facilitate loans
16 A payday loan provider should never request or accept a wage project, or a project of every other sorts of earnings, to facilitate repaying a loan that is payday.
Future payments to not ever surpass amount that is total of
17 A payday loan provider should never need a debtor to offer pre-authorized debits or future payments of an identical nature for a sum more than the quantity required to repay the cash advance from the date that is due.
Costs a part of price of borrowing