New laws to regulate consumer loans and lines of credit that meet the definition of a “high-cost credit product” will come into effect in Manitoba on September 1, 2016. After this date, a consumer lender who offers, arranges or provides a high-cost credit product in Manitoba will be subject to licensing, disclosure, record-keeping and other requirements that are similar, in some respects, to the requirements under payday lending laws. The new laws represent a significant departure from the harmonized cost of credit disclosure laws that apply in many other jurisdictions, including Manitoba, that would otherwise apply to these types of credit products.
The Supreme Court of Canada has agreed to hear the Indalex Limited case, which will determine if underfunded pension plans should be treated as a priority when it comes time to liquidate the assets of a bankrupt company.
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