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,14 A loan arrangement should include ,'Payday loans have been regulated under the Business Practices and Consumer Protection Act. Please contact the Business Practices and Consumer Protection Authority, for information on the requirements relating to cash loans.' ,14.1 (1) A debtor can provide a notice of cancellation of a payday loan by any procedure that permits a individual to produce proof that the debtor cancelled the payday loan on a specific date and period, for example ,,(I) the payday lender, or,(ii) the postal address, electronic mail address or facsimile number of the payday lender or even the address for service of documents set out from the payday loan agreement, pursuant to part 112.06 (2) (q) of this Act.,14.2 (1) For the purposes of part 112.05 (1) of this Act, the prescribed cancellation phase where a debtor can cancel a payday loan,(b) expires at the close of the afternoon on the next day that the cash lender is currently open for business following the date referred to in paragraph (a). (2) The definitions in part 1 and Part 6.1 of this Act apply for the purposes of this regulation.Designated activities2 The work of payday lender is designated for the purposes of the definition of'designated action' in part 142 of this Act.Application of this Act and regulation3 The terms of this Act and this law that apply to a payday loan apply to every loan, irrespective of the number of creditors involved with the loan.Application to get a licence4 (1) An applicant for a licence must submit the following to the director:(a) if the applicant is a company, the names and addresses (I) the senior officers, as specified in the Business Corporations Act, of this organization, and(ii) the beneficial owners of the shares of this company,(b ) ) if the offender is a partnership, the name and address of every partner in the partnership,(c) if the applicant is a sole proprietor, the name and address of the proprietor,(d) in the event the head office of a candidate is located outside British Columbia, a certificate of registration in the applicant's home authority revealing the candidate's name and any other names under which the candidate is conducting business. (2) An applicant for a licence must also submit to the manager (a) a copy of the subsequent documents that the applicant uses or intends to utilize:(I) the standard loan agreement,(ii) a sample loan agreement for $300 for 14 days, with all charges and fees,(iii) the fee arrangement to get a payday loan, including interest and payable fees,(iv) the cancellation notice type,(v) a form acknowledging the receipt of this loan ,(vi) a sample debt collection notification when required by section 115 of this Act, and(b) aggregate information from a form and containing the information required by the manager. (3) Without limiting paragraph (b) of subsection (2), the aggregate information registered under that paragraph must contain data respecting the number of loans, number of trades, loan amounts, loan duration and amount of default fees. [am. B.C.payday loans vancouver wa mill plain
Reg. 126/2018, s. 1] Licence for every location5 An payday lender must have a separate licence for each location from which the cash lender conducts business in British Columbia.Term of licence6 The manager may issue a licence for a period not exceeding 3 years.Display of licence7 (1) A payday lender must prominently display the licence from the location where the licence is issued. (2) When the money lender does business by means of the internet, the cash lender needs to exhibit the license number and other identification, or in a form approved by the manager, carefully at, or near, the top of this landing page of the site for British Columbia borrowers. (3) The cash lender needs to contain the license number in all representations and visualRegs. 231/2016, 126/2018, s. 2.]

Advertisements.Business title on licence8 A payday lender must not carry on a business in a name aside from the title on the licence.Licence program fees9 Subject to any applicable fees set by the administrative authority, someone must cover the next license application charges and submit the charges together with the person's application for a license:(a) $1 500 annually to the head office or main location,(b) $750 annually for every extra location from which the licensee conducts business.Reporting changes to the director10 (1) A payday lender must submit the following information to the director within 14 days of the change happening:(a) a change in address to the head office or for a location from which a licensee conducts company,(b) if the licensee is a corporation,(I) a shift in the older officers, as described in the Business Corporations Act, of the licensee, or(ii) a material change in the possession of these shares of the licensee. (2) If a payday lender creates changes to the records required by section 4 (2), the applicant must submit copies of these altered documents to the director within 14 days of this alteration occurring.Retention of documents11 A payday lender must retain all payday loan arrangements, receipts and other records used for every payday advance for a period of two years following the payday advance is entirely repaid.Out of Province payday lenders12 If a payday lender can be found outside British Columbia, the payday loan lender must make sure that the payday advance agreement includes the address of the cash lender's office in British Columbia for service of documents.Signs and notices13 (1) A payday lender must demonstrate at each of the lender areas of business(a) a signal visible to borrowers immediately on entering the area of business, and(b) a signal visible to borrowers at every location in which a payday advance is negotiated. (3) A signal under subsection (1) (b) must include the information referred to in subsection (4 ) ) and have text least 28 points in proportion. (4) An indication required under this section must include the following information in the following order:(a) the phrases:'Maximum charges allowed in British Columbia for a payday advance: 15 percent of the principal',(b) the phrases:'We charge:... [the payday lender's total charges for a cash loan]',(c) the words:'To get a $300 loan for 14 days:Complete price of borrowing =''... [the payday lender's total fees for a $300 loan for 14 times ]',(d) the words:'Annual Percentage Rate =... [the yearly percentage rate charged by the payday lender for a $300 loan for 14 days] annually',(e) the words:'This information meets the demands of the Business Practices and Consumer Protection Act',(f) the payday lender's licence number. (5) A payday lender doing business online needs to display a note that's (a) of this color and has the material required under subsections (2) and (4 ) ), and(b) observable to debtors (I) at or near the surface of this introductory page of this website for British Columbia debtors, and(ii) in a location on the website that precedes the application for the loan. (6) A payday lender who offers, provides or arranges a payday advance by phone need to disclose to a potential borrower the info in subsection (4). [am. B.C.

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