Thank you, Mr. Speaker. Mr. Speaker, in my Member’s statement today I talked about payday loans and the fact that I believe the territorial consumer is being left at risk. I think that’s time for this government to take an active interest in this file and rather than wait for an accident to happen, we should take control of it through sound, reasonable regulations.
Mr. Speaker, seven out of 10 of the provinces in this Dominion of Canada have ensured that low rates exist for people who have to go to Payday Loans, and they’ve ensured that the protection of the citizens is certainly a priority.
Mr. Speaker, the last point I want to make is the federal government says, through the Criminal Code, that you cannot charge more than 60 percent on these types of loans, but the fact is even though they hide it with a cheap introduction loan, the maximum of 60 percent does not take into account the fees that are often charged with this. So I’m going to ask the Minister of Municipal and Community Affairs, who’s also the Minister responsible for consumer affairs, is he willing to take a look at prescribing regulations here in the Northwest Territories that protect consumers and don’t put them at risk because of these high interest fees that are charged with the payday loans? Thank you.
Thank you, Mr. Hawkins. The honourable Minister responsible for Municipal and Community Affairs, Mr. Robert McLeod.
Thank you, Mr. Speaker. Mr. Speaker, MACA is working with our federal/provincial/territorial counterparts to look at issues regarding the consumer credit card market, and we’re looking at ways that we can improve our efforts to protect consumers. Thank you.
Mr. Speaker, in information that’s been sent to me it says basically it’s at the discretion of the lending agency. So I’m really curious what MACA is doing as they watch this evolve. Thank you.
Mr. Speaker, we haven’t had any concerns brought to our attention yet by the consumers, but we do have a consumer affairs person that monitors a lot of the goings-on out there. If this continues to be a practice or something that consumers need information on or just need reassurance that they are protected, then it’s something that, as a government, we have to do. Thank you.
Mr. Speaker, I believe there is a firm role here for government to backstop the public to make sure that regulations and oversight exist before something goes off the rails. Mr. Speaker, it’s clear that these types of loans are given to people with low income or, certainly, to middle income Canadians and puts them in financial risk. Why is the Minister waiting for complaints in order to act rather than doing something? Mr. Speaker, the opportunity exists here. Would the Minister act and look into regulations and develop them in a fair way as seven other provinces have in this country?
Yes, we’ll look into it. Thank you.
Thank you, Mr. McLeod. Your final supplementary, Mr. Hawkins.
Thank you, Mr. Speaker. Mr. Speaker, I appreciate the answer from the Minister. Mr. Speaker, could the Minister elaborate a little further, such as does he anticipate that he’ll look into this right away or is it one of those little things that will hang there and say someday we’ll take a look at it; we’re not against it, but maybe we’ll be for it? So could the Minister, sort of, elaborate a little further on his answer? Because my expectations are reasonable but certainly are there now. Thank you.
Mr. Speaker, we’ll look into it right away. Thank you.
Thank you, Mr. McLeod. The honourable Member for Nahendeh, Mr. Menicoche.
