Today, the BC Government announced more measures as part of BC’s Consumer Financial Protection Action Plan. Proposed amendments to the Business Practices and Consumer Protection Act aim to strengthen protections for consumers who use alternative high-cost credit products and services.
Once the legislation is in force, Consumer Protection BC, which already licenses and regulates payday lenders, will also become responsible for licensing and regulating businesses that provide high-cost credit products.
For more information, please read Government’s full announcement.
While Consumer Protection BC administers and enforces the law, government is responsible for making changes to the law and setting policy.
About Consumer Protection BC:
Consumer Protection BC is the regulator of a variety of sectors and specific consumer transactions in the province. Our mandate is to license and inspect our regulated businesses, respond to consumer inquiries, investigate alleged violations of consumer protection laws, classify all general release motion pictures and provide information and referrals to consumers.
For more information about our organization, to read recent enforcement actions, and to learn about our inspection and complaint-handling processes, please visit our corporate website at dev.consumerprotectionbc.ca. You can also follow us on Twitter @ConsumerProBC, like us on Facebook and read our blog for valuable consumer tips and resources.