Mr. Speaker, as far as this Quebec model is concerned, I would like my colleague to know that in Quebec, payday lenders were abolished through the Consumer Protection Act, which has very strict obligations for lenders of every kind.
The annual borrowing rate has to be indicated on the loan agreement. All fees are calculated in the annual rates. There is no possibility of adding other fees such as record creation fees, form processing fees and so on. The law says that an annual interest rate greater than 35% is abusive.
Why present this bill that interferes in provincial jurisdictions?
Every province could adopt its own consumer protection act and thereby regulate this loan industry, which often includes some very abusive lenders.