Whereas New Brunswick 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 New Brunswick has requested that the Governor in Council designate that province for the purposes of section 347.1 a of the Criminal Code b;
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 New Brunswick for the Purposes of the Criminal Interest Rate Provisions of the Criminal Code. S.C. 2007, c. 9, s. 2 R.S., c. C-46
Province Designated
New Brunswick 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 both in force:[Note: Order in force January 1, 2018.]
An Act Respecting Payday Loans, S.N.B. 2008, c. 3; and
Payday Lending Regulation – Cost of Credit Disclosure and Payday Loans Act.