Thank you.
Ms. Jhamb, I'll start with you, please.
In 2007, the Harper government decided to exempt payday lenders from adhering to the Criminal Code's maximum interest rate and transferred the regulatory enforcement to the provinces. Some argue that this resulted in a patchwork of inadequate regulation and enforcement and enabled payday-loan interest rates to soar, topping 600% in some areas.
Since then, there are stronger payday-loan regulations across the country, and that's really thanks to your work at ACORN and your advocacy. However, instalment lenders still fall through the regulatory cracks.
I wonder if we're seeing lenders turn towards instalment loans instead, following provincial policy changes. If so, where is this most prevalent? Can you speak to that, please?