Quote:
Originally Posted by MolsonExport
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Mo Salih's heart is in the right place, but legally the city cannot legislate in an area of provincial and federal jurisdiction. The most it can do is refuse to issue a business licence to such operations and then force them to fight out the refusal in court with the idea that they'll just go away of their own accord.
It's a wonder these payday loan shops are allowed to operate at all, given that the Criminal Code states that the criminal definition of usury, i.e., loansharking, is an annual percentage rate of 64%. If you look at some of the payday loan agreements, you'll find that the effective rate of interest is often close to 520%!