“lender” means a company, partnership, single proprietor, relationship or other entity or person who makes a quick payday loan to a debtor or that holds yourself out as open to make such a loan; (“preteur”)
“licence” means a licence released 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, relationship or other entity or specific that assists a debtor in obtaining a quick payday loan or that holds oneself out as offered to provide such support; (“courtier en prets”)
“Minister” means the Minister of national and Consumer Services or whatever other member of the Executive Council to who management because of this Act is assigned underneath the Executive Council Act; (“ministre”)
“Ministry” means the ministry associated with the Minister; (“ministere”)
(a) with regards to an organization, the seat and any vice-chair regarding the board of directors, the president and any vice-president, the assistant and associate secretary, the treasurer and treasurer that is assistant the typical supervisor and associate general manager associated with the business,
(b) with regards to a partnership, somebody or basic supervisor and associate general supervisor regarding the partnership, and
(c) with regards to a company or partnership, virtually any specific designated being an officer by by-law or quality or some other person whom executes functions generally done by a person occupying office that is such (“dirigeant”)
“payday loan” means a development of cash in trade for the post-dated cheque, a pre-authorized debit or the next re re payment of the same nature yet not for just about any guarantee, suretyship, overdraft security or protection on home and never via 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 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 installment loans no credit check other tribunal is recommended. (“Tribunal”) 2008, c. 9, s. 1 (1).
Associated individuals and entities
(2) For purposes for this Act, anyone or entity is connected with another individual or entity in just about any of this circumstances that are following
1. One entity or person is just a firm of that your other individual or entity can be an officer or manager.
2. One individual or entity is a partnership of that your other individual or entity is a partner.
3. Both persons or entities are lovers associated with partnership that is same.
4. One entity or person is a firm this is certainly managed straight or indirectly because of one other individual or entity.
5. Both people or entities are corporations plus one business is managed directly or indirectly because of the person that is same entity whom controls directly or indirectly one other organization.
6. Both persons or entities are people in the voting that is same associated with stocks of the company.
7. Both people or entities are connected in the meaning of paragraphs 1 to 6 utilizing 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 pay day loans if the debtor, lender or loan broker is found in Ontario as soon as the loan is created or even be produced. 2008, c. 9, s. 2 (1).
(2) aside from area 32, this Act is applicable with necessary adjustments to those loans, apart from pay day loans, which can be recommended as well as in that instance the sources to payday advances in this Act will probably be read as recommendations to those other loans. 2008, c. 9, s. 2 (2).
3 This Act doesn’t connect with the people, entities or pay day loans or classes of individuals, entities or pay day loans that are recommended. 2008, c. 9, s. 3.
4 In determining whether this Act applies to a individual, entity, contract or transaction, a court or any other tribunal shall look at the genuine substance of the individual, entity, contract or transaction plus in therefore doing may overlook the form that is outward. 2008, c. 9, s. 4.
5 (1) The Deputy Minister shall appoint a person as Registrar for the purposes with this Act. 2008, c. 9, s. 5 (1).
Powers and duties
(2) The Registrar may work out the abilities and shall perform the duties conferred on the Registrar under this Act. 2008, c. 9, s. 5 (2); 2009, c. 33, Sched. 10, s. 12.
Section Amendments with date in effect (d/m/y)
ROLE II Licences
Dependence on licence
6 (1) No individual or entity shall behave as a loan provider unless the individual or entity,
(a) is licensed as a loan provider and, susceptible to area 17, has gotten notice written down through the Registrar regarding the licence; or
(b) is viewed as become certified under part 18. 2008, c. 9, s. 6 (1).
Exact exact Same, loan broker