“lender” means a business, partnership, single proprietor, relationship or any other entity or person who makes a quick payday loan to a debtor or that holds yourself out as open to make such that loan; (“preteur”)
“licence” means a licence issued under this Act; (“permis”)
“licensee” means someone who holds a licence released under this Act; (“titulaire”, “titulaire de permis”)
“loan broker” means a firm, partnership, single proprietor, association or other entity or specific that assists a debtor in acquiring a quick payday loan or that holds yourself out as open to offer such assistance; (“courtier en” that is prets
“Minister” means the Minister of national and Consumer Services or whatever other person in the Executive Council to who management because of this Act is assigned beneath the Executive Council Act; (“ministre”)
“Ministry” means the ministry associated with the Minister; (“ministere”)
(a) with regards to a business, the chair and any vice-chair associated with the board of directors, the president and any vice-president, the assistant and assistant secretary, the treasurer and treasurer that is assistant the overall supervisor and associate general supervisor associated with the business,
(b) pertaining to a partnership, someone or basic supervisor and associate general manager regarding the partnership, and
(c) pertaining to an organization or partnership, virtually any specific designated as an officer by by-law or quality or just about any person whom does functions ordinarily done by a person occupying such workplace; (“dirigeant”)
“payday loan” means a development of cash in return for the post-dated cheque, a pre-authorized debit or the next re re payment of the same nature however for just about any guarantee, suretyship, overdraft security or protection on property and never through a margin loan, pawnbroking, a personal credit line or credit cards; (“pret sur salaire”)
“payday loan agreement” means an agreement under which a loan provider makes a quick payday loan to a borrower; (“convention de pret sur salaire”)
“prescribed” means prescribed because of the regulations; (“prescrit”)
“regulations” means the laws made under this Act; (“reglements”)
“Tribunal” means the Licence Appeal Tribunal established beneath the Licence Appeal Tribunal Act, 1999 or whatever other tribunal quick installment loans is recommended. (“Tribunal”) 2008, c. 9, s. 1 (1).
Associated individuals and entities
(2) For purposes of the Act, one individual or entity is connected with another individual or entity in almost any for the following circumstances:
1. One individual or entity is really an organization of that the other individual or entity is definitely an officer or manager.
2. One individual or entity is just a partnership of that the other individual or entity is really a partner.
3. Both people or entities are lovers associated with the partnership that is same.
4. One entity or person is really a business that is managed straight or indirectly by one other individual or entity.
5. Both people or entities are corporations and another organization is managed straight or indirectly because of the exact same individual or entity whom controls directly or indirectly one other organization.
6. Both individuals or entities are users of the voting that is same associated with stocks of a firm.
7. Both people or entities are linked inside the concept of paragraphs 1 to 6 with all the person that is same entity. 2008, c. 9, s. 1 (2).
Application of Act
2 (1) susceptible to the laws, this Act is applicable in respect of most loans that are payday the borrower, loan provider or loan broker is found in Ontario once the loan is manufactured or to be produced. 2008, c. 9, s. 2 (1).
(2) with the exception of part 32, this Act is applicable with necessary changes to those loans, except that payday advances, being recommended plus in that situation the sources to pay day loans in this Act will probably be read as sources to those other loans. 2008, c. 9, s. 2 (2).
3 This Act doesn’t connect with the individuals, entities or payday advances or classes of people, entities or pay day loans being recommended. 2008, c. 9, s. 3.
4 In determining whether this Act relates to an individual, entity, contract or deal, a court or any other tribunal shall think about the genuine substance of the individual, entity, contract or deal as well as in therefore doing may dismiss the form that is outward. 2008, c. 9, s. 4.
5 (1) The Deputy Minister shall appoint an individual as Registrar when it comes to purposes of the Act. 2008, c. 9, s. 5 (1).
Powers and duties
(2) The Registrar may work out the capabilities and shall perform the duties conferred in the Registrar under this Act. 2008, c. 9, s. 5 (2); 2009, c. 33, Sched. 10, s. 12.
Area Amendments with date in effect (d/m/y)
ROLE II Licences
Requirement of licence
6 (1) No entity or person shall become a loan provider unless the individual or entity,
(a) is licensed as being a loan provider and, susceptible to area 17, has gotten notice on paper from the Registrar associated with the licence; or
(b) is regarded as become certified under area 18. 2008, c. 9, s. 6 (1).
Exact exact exact Same, loan broker