“investigator” means an detective appointed under subsection 48 (1); (“enqueteur”)
“lender” means a business, partnership, single proprietor, association or any other entity or person who makes an online payday loan to a borrower or that holds yourself away as accessible to make such a loan; (“preteur”)
“licence” means a licence granted under this Act; (“permis”)
“licensee” means an individual who holds a licence given under this Act; (“titulaire”, “titulaire de permis”)
“loan broker” means an organization, partnership, single proprietor, relationship or other entity or individual that assists a debtor in acquiring a quick payday loan or that holds yourself out as offered to offer such support; (“courtier en” that is prets
“Minister” means the Minister of national and Consumer Services or whatever other member of the Executive Council to whom 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 a company, the seat and any vice-chair associated with board of directors, the president and any vice-president, the secretary and associate secretary, the treasurer and treasurer that is assistant the overall supervisor and associate general supervisor for the company,
(b) with regards to a partnership, somebody or manager that is general associate general manager of this partnership, and
(c) with regards to a company or partnership, any kind of specific designated as an officer by by-law or quality or other person whom works functions typically done by a person occupying such workplace; (“dirigeant”)
“payday loan” means an development of cash in return for a post-dated cheque, a pre-authorized debit or the next re payment of the same nature although not for almost any guarantee, suretyship, overdraft security or safety 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 debtor; (“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 other tribunal is recommended. (“Tribunal”) 2008, c. 9, s. 1 (1).
Associated people and entities
(2) For purposes of the Act, one individual or entity is related to another individual or entity in almost any associated with the following circumstances:
1. One individual or entity is really an organization of that the other individual or entity is an officer or manager.
2. One individual or entity is really a partnership of that the other individual or entity is really a partner.
3. Both people or entities are lovers for the partnership that is same.
4. One entity or person is really a company this is certainly managed straight or indirectly by the other individual or entity.
5. Both people or entities are corporations and something company is managed directly or indirectly by the exact same individual or entity whom controls straight or indirectly one other firm.
6. Both individuals or entities are people in the exact same voting trust concerning stocks of a business.
7. Both individuals or entities are connected in the meaning of paragraphs 1 to 6 using the exact same person or entity. 2008, c. 9, s. 1 (2).
Application of Act
2 (1) susceptible to the laws, this Act applies in respect of all of the payday advances if the debtor, loan provider or loan broker is found in Ontario once the loan is created or even to be produced. 2008, c. 9, s. 2 (1).
(2) aside from part 32, this Act is applicable with necessary changes to those loans, apart from pay day loans, which are recommended plus 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 will not affect the people, entities or loans that are payday classes of individuals, entities or pay day loans being recommended. 2008, c. 9, s. 3.
4 In determining whether this Act pertains 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 plus in therefore doing may overlook the outward type. 2008, c. 9, s. 4.
5 (1) The Deputy Minister shall appoint an individual as Registrar when it comes to purposes with this Act. 2008, c. 9, s. 5 (1).
Powers and duties
(2) The Registrar may work out the capabilities and shall perform the duties conferred from 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 individual or entity shall work as a lender unless anyone or entity,
(a) is licensed as a loan provider and, at the mercy of area 17, has gotten notice written down through the Registrar associated with the licence; or
(b) is regarded as become certified under part 18. 2008, c. 9, s. 6 (1).
Same, loan broker
