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Cash advance hearings begin at Utility and Review Board

Cash advance hearings begin at Utility and Review Board

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Customer advocates stressed borrowing price of $25 per every $100 is just too high

Nova Scotia’s energy and Review Board has begun a series of hearings into cash advance laws within the province.

The hearings will examine sets from the expense of borrowing to your price of defaulting on loans.

David Roberts, a customer advocate, argued the fee of $25 — per $100 lent — has to be reduced. It was said by him must certanly be between $17 and $23, that are prices obtainable in other provinces.

Peter Gurnham and Roland Deveau, who lay on the energy and Review Board, both claimed that whenever the board set the rate of borrowing at $25 per $100 lent, the $25 charge had been supposed to be a cap that is maximum. Continue reading Cash advance hearings begin at Utility and Review Board