Perhaps I can comment, Mr. Bagnell.
Certainly we're talking about provinces regulating these payday lenders and allowing them to charge more than 60%. If they were charging less than 60%, there would be no need for the exemption. The exemption is necessary so that they can allow them to charge more than 60%. Given the very short-term and small-amount nature of the loan, at a 60% effective annual rate of interest, the fee on a $300 loan for ten days would be a few bucks.
The commission that the consumer measures committee gave this alternative consumer credit market working group was to look at what would be a viable rate to allow the industry to operate. That's to provide for a viable industry but no more. These are the sorts of rates they're looking for here. But 60% is the limit. The exemption is to allow the provinces to set higher rates, and they will set them under the circumstances of their province.