The Government of Ontario is considering establishing new protections for users of alternative financial services (AFS). AFS are high-cost financial services provided outside of traditional financial institutions like banks and credit unions. Common AFS offerings include payday loans, instalment loans, lines of credit, and auto title loans. Ontario currently regulates payday loans. The government recently invited consultation on draft proposals and options intended to strengthen protection for borrowers and improve the regulation of high-cost credit agreements, other than payday loans.

This consultation is in addition to Ontario’s comprehensive review of the Consumer Protection Act, 2002 (CPA), the law governing many personal and household transactions by consumers. The CPA’s rules support a fair and competitive marketplace where consumers make their own choices without being subject to unfair business practices.

Cardus submitted the following responses to the questions posed in the consultation.

Strong, stable families are irreplaceable and are foundational to a healthy society. Good family policy can also enhance family well-being by addressing the diverse needs of families and their most vulnerable members, children.