Bruce Cran
“It seems to us that this bent for legislation is in response to the payday loan industry wanting to improve its position substantially from where it is now and legalize these interest charges that people are hit with… It’s very sad that people need payday loans badly enough to pay these rates.”
Consumers’ Association of Canada (CAC) president Bruce Cran comments on the Canadian Payday Loan Association (CPLA) president’s push for national regulations…
The CAC opposes the creation of provincial regulations because it would create a “hodgepodge” of regulations leaving consumers in a worse position:
“We feel that consumers are adequately protected by that law [the Criminal Code] and we suggested that the federal government enforce it.”
Bruce Cran is president of the Consumers’ Association of Canada.
Source: Payday Loan Association Asks Ottawa to Act on Industry Regulation (CBC News)
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