As of November 1st 2009, The B.C. Government has implemented new regulation to stymie inflated and irresponsible lending practices.

Of note, lenders will not be able to lend more than fifty (50) percent of a potential borrowers average take-home pay.

Additionally, people will be able to outright 'cancel' there payday loan within a 24 hour period without any fees or charges by returning only the principal amount borrowed.

In a move similar to neighboring Alberta as well as other provinces, Payday businesses must now be licensed.

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