8A (1) A payday loan provider that provides, organizes or provides online payday advances must show regarding the payday lenderвЂ™s website a notice that offers the information required by subsections 8(3) and (4) presented in a definite and understandable way in a color plainly contrasting with all the back ground.
(2) The notice described in subsection (1) needs to be made visually noticeable to borrowers
(a) at or nearby the the surface of the basic page associated with the 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.
Section 8A included: O.I.C. 2012-115, N.S. Reg. 87/2012.
Payday loan provider must show license
8B a lender that is payday prominently show its license during the location specified in its license from where the payday loan provider offers, organizes or provides pay day loans.
Area 8B included: O.I.C. 2012-115, N.S. Reg. 87/2012.
Payday loan provider of Web pay day loans must show license information
8C A payday lender that offers, organizes or provides Web payday advances must prominently show every one of the after license information at or close to the the top of basic web web page regarding the payday lenderвЂ™s web site for borrowers in Nova Scotia:
(a) the business enterprise title or design as specified into 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 data needed by clauses 18I(a) to (j) for the Act together with after information needs to be given by the payday lender to a debtor within the loan contract when a payday lender provides a debtor funds or usage of funds under a pay day loan:
(a) all for the after information for the payday lender and any representative associated with loan provider representing the payday loan provider to the debtor:
(ii) company target,
(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 expression associated with the loan;
(f) the date by which payment flow from or, if paid back by installments, the times by which re re payments are due;
(g) an itemization of all of the costs, costs, commissions, interest, charges and just about every other add up to be compensated or that might be compensated by the debtor;
(h) a declaration for the borrowerвЂ™s straight to get a duplicate associated with the loan contract through the loan provider whenever you want upon demand;
(i) if your money card is given up to a debtor, the conditions and terms associated with money card, including all the after:
(i) the quantity of credit available in the money card,
(ii) any date the money card expires,
(iii) that fees by a 3rd party may make an application for utilizing the money card at areas apart from the payday lender.
(2) The content of this loan contract needed by clause 18I(l) associated with the Act should be finalized by both the debtor in addition to loan provider.
(3) A payday loan provider must definitely provide a borrower that is prospective the expense of borrowing, and may also need just that the debtor give their title in substitution for the info.
9A (1) A payday loan provider must consist of all 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 loan that is 14-day
(b) the statement вЂњPayday Loans are High-Cost LoansвЂќ.
(2) The information needed by clauses (1)(a) and b that is( needs to be exhibited at the very lesincet as prominently as any kind of representation in an ad as well as in exactly the same way as other representations were created, whether aesthetically or aurally or both.
Section 9A included: O.I.C. 2011-369, N.S. Reg. 288/2011.
Type for written notice of termination must certanly be directed at debtor
10 whenever a payday loan provider provides debtor funds or use of funds under a loan that is payday the payday lender must provide the borrower the proper execution submitted under clause 5(1)(b) for the debtor to utilize to inform the lending company written down of cancellation for the loan.
Part 10 amended: O.I.C. 2012-115, N.S. Reg. 87/2012.
Balance staying on money cards
11 (1) In the demand for the debtor, the total amount staying for a money card, regardless payday loans online Georgia of if expired, needs to be used towards repaying the pay day loan.
(2) When an online payday loan is 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 guidelines for the Canadian Payments Association for rejected deals apply when an endeavor to have payment by pre-authorized debit is dishonoured.
One type of payment just
13 A payday loan provider must not require significantly more than 1 type of payment from a borrower.
Borrower should not be expected 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 earlier in the day than the borrowerвЂ™s payday that is next.
(2) In subsection (1), вЂњthe borrowerвЂ™s next paydayвЂќ means the following day that the borrowerвЂ™s regular wages, payment or other earnings, including work earnings, earnings support, jobless insurance coverage or other earnings guarantee, is compensated into the debtor.
Receipts for payment of loan
15 (1) A receipt released by way of a payday lender under Section 18M associated with the Act needs to be in duplicate so are there copies for the loan provider as well as the debtor.
(2) utilizing the borrowerвЂ™s consent, the borrowerвЂ™s bank documents fulfill the dependence on a lender that is payday issue a receipt under Section 18M of this Act for just about any kind of payment of a quick payday loan other than payment in money.
Wage projects perhaps not utilized to facilitate loans
16 A payday loan provider should never request or accept a wage project, or a project of every other types of earnings, to facilitate repaying a loan that is payday.
Future payments never to meet or exceed 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 equivalent nature for a quantity higher than the total amount essential to repay the cash advance from the date that is due.
Costs a part of price of borrowing