Michael Thompson
“We believe, just from a fundamental business perspective, a protected consumer is a happy customer. So we think it’s the right thing to do.”
In an article by Stephane Massinon, Canadian Payday Loan Association president Michael Thompson said his industry would be better off if the government brought in new rules that all payday lenders would have to follow…
According to the article entitled Payday Loan Group Welcomes Regulation, Lobbyist Says, national regulations would:
- limit maximum loan amounts and terms
- ban “rollovers” (or “flipping” loans)
- make it easier for businesses to operate in different provinces
Thompson also said:
“There’s been some controversy around the industry, which hasn’t been very positive for the industry in a way. We think that having regulation in place will clarify a lot of the issues … so everybody knows exactly how it operates and how it conducts its business… It’s only fair that all operators in the business operate at the same standard.”
Michael Thompson is president of the Canadian Payday Loan Association, which lobbies on behalf of about two-thirds of all Canadian payday loan companies. Members of the association abide by voluntary regulations.
Source: Payday Loan Group Welcomes Regulation, Lobbyist Says by Stephane Massinon (The Daily News - Halifax, Canada)
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