The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Proposed legislation would ensure Manitobans are aware of the full costs of consumer loans, Finance Minister Greg Selinger said today as he introduced amendments to the Consumer Protection Act. "Manitobans have the right to receive accurate and complete information to help them comparison shop and make informed decisions about the cost of borrowing," said Selinger. "This proposed legislation sets more comprehensive requirements for companies that provide loans to consumers. For the first time, requirements are included for mortgages, rent-to-own contracts, and vehicle and other leases. Last spring, Manitobans were asked for comments on possible changes to cost of credit disclosure legislation under the Consumer Protection Act. The discussion paper examined disclosure requirements related to a wide range of services including credit cards, personal loans, payday loans, mortgages, lines of credit, vehicle leasing and credit sales. Current provisions providing for a rollback to five per cent when the lender does not comply with disclosure requirements would be maintained and applied to leases and consumer mortgages.
