Manitoba

Overview

Manitoba is a medium sized province, having a population of 1,232,654 in 2010, and is ranked 5th in Canada by population.  Like most other Canadian provinces, Manitoba has regulated payday loans, and is generally considered to be the most restrictive province other than Quebec which has chosen to ban them entirely.

Rates

In Manitoba, rates are capped at 17% of the principal. Also, the principal is limited to no more than 30% of the borrower’s paycheque.

Any loan taken out within 7 days of a previous loan being repaid is deemed a replacement loan in Manitoba.  Replacement loans are the province’s mechanism for dealing with the so-called rollover issue which other jurisdictions have historically had problems with.  The interest rate on a replacement loan is limited to 5% of the principal.

More Information

For more information, consult the Manitoba Consumer Protection Office.

Relevant Laws

The Consumer Protection Act, C.C.S.M, c. 200. (referred to as the ‘Act’)

The Consumer Protection Amendment Act (Payday Loans) S.M. 2006, c. 31.

The Consumer Protection Amendment Act (Payday Loans) S.M. 2009, c. 12.

The Payday Loans Regulation (Regulation 99/2007) (referred to as the ‘Reg’)

The Payday Loans Regulation, amendment (Regulation 3/2009)

The Payday Loans Regulation, amendment (Regulation 50/2010) (coming into force as of October 18, 2010)

The Personal Investigations Act, C.C.S.M. c. P34

The Personal Investigations Regulation (Regulation 392/87R)

The Business Practices Act, C.C.S.M. c. B120

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