It reads as follows:
Given high-cost installment loans are the second fastest-growing type of debt in Canada; and that these products are disproportionately accessed by low-income Canadians;
Given that high-cost loans tend to aggravate, not alleviate existing financial challenges, where Canadians resorting to these loans have ended up in vicious cycles of debt as they struggle to cover the increased cost of bills;
Given the Canadian Lenders Association’s extensive lobbying since the release of regulations in December 2023 to be excluded from the scope of regulations, while refusing to publicly appear at committee to discuss their position;
That the committee express its disappointment in the Canadian Lenders Association's last-minute refusal to appear as part of the committee’s current study;
That, in the context of its study on predatory lending, and pursuant to Standing Order 108(1)(a), the committee send for any documents from the Canadian Lenders Association and its member organizations related to the following:
i. The total revenues and profits of CLA’s membership, specifically of all publicly traded companies such as Goeasy Ltd;
ii. Goeasy Ltd. and Easy Financial’s total revenues in the province of Quebec in 2022 and 2023; given the rapid increase in high-cost lending services in the province, despite the maximum APR of 35%;
iii. The total number and value of high-cost agreements granted in 2022 and 2023, broken down by province and territory;
iv. The dollar value of the CLA’s advertising campaign regarding changes to the criminal rate of interest, and how much of that cost is borne by borrowers’ repayments;
v. All executive compensation and bonuses, including for the CLA’s entire executive and board;
That the committee receive the information no later than Monday, March 18th, 2024.