“lender” means a firm, partnership, single proprietor, relationship or any other entity or person who makes a quick payday loan to a borrower or that holds yourself away as open to make such that loan; (“preteur”)
“licensee” means somebody who holds a licence released under this Act; (“titulaire”, “titulaire de permis”)
“loan broker” means a organization, partnership, single proprietor, relationship or other entity or specific that assists a debtor in acquiring a pay day loan or that holds yourself out as open to offer such assistance; (“courtier en 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”)
(a) with regards to a organization, the seat and any vice-chair of this board of directors, the president and any vice-president, the assistant and associate secretary, the treasurer and treasurer that is assistant the overall supervisor and associate general supervisor regarding the company,
(b) pertaining to a partnership, somebody or basic supervisor and associate general supervisor associated with partnership, and
(c) pertaining to an organization or partnership, some other specific designated as an officer by by-law or quality or other person whom executes functions usually done by a person occupying office that is such (“dirigeant”)
“payday loan” means a development of income in trade for a post-dated cheque, a pre-authorized debit or the next re re payment of an equivalent nature although not for almost any guarantee, suretyship, overdraft security or protection on home and never by way of a margin loan, pawnbroking, a 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 salaire” that is sur
“prescribed” means prescribed by the laws; (“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 is recommended. (“Tribunal”) 2008, c. 9, s. 1 (1).
Associated individuals and entities
(2) For purposes with this Act, one individual or entity is related to someone or entity in almost any associated with the following circumstances:
1. One individual or entity is a company of that your other individual or entity can be an officer or manager.
2. One entity or person is a partnership of that the other individual or entity is really a partner.
3. Both people or entities are partners for the same partnership.
4. One individual or entity is really a company that is managed straight or indirectly because of the other individual or entity.
5. Both people or entities are corporations plus one firm is controlled straight or indirectly because of the person that is same entity whom controls straight or indirectly one other company.
6. Both individuals or entities are users of the voting that is same associated with stocks of the business.
7. Both individuals or entities are connected in the meaning of paragraphs 1 to 6 using the exact same individual or entity. 2008, c. 9, s. 1 (2).
Application of Act
2 (1) susceptible to the laws, this Act is applicable in respect of all of the loans that are payday the debtor, loan provider or loan broker is found in Ontario once the loan is manufactured or even to be produced. 2008, c. 9, s. 2 (1).
(2) aside from part 32, this Act is applicable with necessary improvements to those loans, except that payday advances, which are recommended plus in that case the references to pay day loans in this Act will probably be read as recommendations to those other loans. 2008, c. 9, s. 2 (2).
3 This Act will not connect with the individuals, entities or pay day loans or classes of people, entities or payday advances being recommended. 2008, c. 9, s. 3.
4 In determining whether this Act relates to a 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 overlook 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 abilities 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)
PART II Licences
Dependence on licence
6 (1) No entity or person shall behave as a loan provider unless anyone or entity,
(a) is licensed as a loan provider and, at the mercy of part 17, has gotten notice written down through the Registrar associated with licence; or
(b) is regarded as to be certified under area 18. 2008, c. 9, s. 6 (1).
Exact exact Same, loan broker