Bruce Cran
“The only thing lacking right now… is enforcement of the law.”
According to an article entitled High Interest: Protecting the Illegitimate Profits of Payday Lenders, Canadian consumer advocate Bruce Cran believes that existing federal legislation* is sufficient but needs to be enforced.
*Under the Canadian Criminal Code, lenders cannot charge more than 60% APR.
He also has some interesting advice for Canadian borrowers who owe large amounts of interest to payday loan shops…
“Don’t pay it.”
According to Cran, companies cannot collect it:
“Recent court decisions have made it clear that the rates charged on these loans are criminal.”
Bruce Cran is president of the Consumers’ Association of Canada.
Source: High Interest: Protecting the Illegitimate Profits of Payday Lenders (Raise The Hammer)
Related Quotes: Justice Brenda Brown, Paul Bennett and Bruce Hallsor.
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