BILL 7

An Act to Amend An Act Respecting Payday Loans

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 Section 1 of An Act Respecting Payday Loans, chapter 3 of the Acts of New Brunswick, 2008, is amended

(a)  in subsection (8)

( i) by repealing subsection 37.28(6), as enacted by subsection (8), and substituting the following:

37.28( 6) The payday lender shall give the borrower a copy of the payday loan agreement at the time it is signed by the borrower, together with a notice of cancellation, containing the information prescribed by regulation and in a form approved by the Director, which may be used by the borrower for the purposes of subsection 37.29(4).

( ii) by repealing paragraph 37.29(6)(a), as enacted by subsection (8), and substituting the following:

(a)  the payday lender shall immediately give the borrower a receipt, containing the information prescribed by regulation and in a form approved by the Director, for the amount that the borrower paid or returned to the payday lender upon cancelling the loan, and

( iii) by repealing section 37.391, as enacted by subsection (8), and substituting the following:

Provision of information

37.391 A payday lender shall provide to the Director the information or documents prescribed by regulation, at the times prescribed by regulation and in the form determined by the Director.

(b)  in paragraph (13)(b)

( i) by repealing paragraph (aa.21), as enacted by paragraph (13)(b), and substituting the following:

(aa.21)  for the purposes of subsection 37.28(6), prescribing the information to be contained in a notice of cancellation;

( ii) by repealing paragraph (aa.23), as enacted by paragraph (13)(b), and substituting the following:

(aa.23)  for the purposes of paragraph 37.29(6)(a), prescribing the information to be contained in a receipt;

( iii) by repealing paragraph (aa.261), as enacted by paragraph (13)(b), and substituting the following:

(aa.261)  for the purposes of section 37.391, prescribing information and documents that payday lenders are required to provide to the Director and the times at which the information and documents are to be provided;