Whereas Prince Edward Island has legislative measures that protect recipients of payday loans and that provide for limits on the total cost of borrowing under a payday loan agreement;
And whereas the Lieutenant Governor in Council of Prince Edward Island has requested that the Governor in Council designate that province for the purposes of section 347.1 a of the Criminal Code b, S.C. 2007, c. 9, s. 2 R.S., c. C-46
Therefore, His Excellency the Governor General in Council, on the recommendation of the Minister of Justice and the Minister of Industry, pursuant to subsection 347.1(3) a of the Criminal Code b, makes the annexed Order Designating Prince Edward Island for the Purposes of the Criminal Interest Rate Provisions of the Criminal Code.
Province Designated
Prince Edward Island is designated for the purposes of section 347.1 of the Criminal Code.
Coming into Force
This Order comes into force at 12:00 a.m. Atlantic time on the first day on which the following are all in force:[Note: Order not in force.]
sections 6 to 8 and 30 of the Payday Loans Act, R.S.P.E.I. 1988, Cap. P-2.1; and
section 24 of the Payday Loans Act Regulations, EC2013-67.