On January 29, the us government of Ontario circulated its assessment paper on managing Alternative Financial Services (AFS) and high-cost credit, en en titled “High-Cost Credit in Ontario: Strengthening Protections for Ontario Consumers” (Consultation Paper).
What you should understand
- Growing in appeal, AFS are high-cost services that are financial away from old-fashioned finance institutions like banking institutions and credit unions. Typical AFS offerings consist of payday advances, instalment loans, lines of credit, and auto name loans.
- The Consultation Paper seeks input on developing a high-cost credit meaning, licensing high-cost credit providers, managing costs, charges and fees, and imposing disclosure, cooling-off duration and commercial collection agency demands, and others. Continue reading