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Code of Best Business Practices
The Canadian Payday Loan Association (CPLA) represents members who operate retail outlets that provide payday loans.
A payday loan is an unsecured short term loan to meet unexpected cash needs. Payday loans are for occasional use only and
should not be used to cover continual shortfalls in a persons budgetary requirements. People who have ongoing problems
meeting their financial obligations should be consulting credit counsellors. CPLA Members are committed to providing
credit counselling references.
As a condition of membership, all Members of the CPLA must abide by the following Code of Best Business Practices and
display this Code prominently in their places of business.
No Rollovers
A Member will not grant a customer an extension of an
outstanding payday loan for a fee or advance a new payday
loan to pay out their existing payday loan.
Multiple Loans
A Member shall not grant multiple payday loans to a customer
that in total exceed what the Member initially approved the
customer to borrow.
Default and Post-Maturity Interest Charges
A Member shall not charge a penalty fee and/or NSF fee that
exceeds an amount set from time to time by the Association.
Interest on each $100 of a payday loan in default will not exceed
$0.90 per week for the first thirteen weeks and $0.50 per week
thereafter.
Credit Counselling
A Member must advise customers who have defaulted twice
within one year of credit counselling services, and offer to forgo
accrual of interest if the customer obtains credit counselling.
Collateral
A Member may not take title to chattels or assets of a borrower
as security for repayment of payday loans.
Collection Practices
A Member will collect past due accounts in a fair, lawful and
professional manner. Members are prohibited from taking an
assignment of wages.
Loans to Certain Customers
A Member shall not grant payday loans to customers on the basis
of social assistance payments received by that customer.
Amount Loaned
A Member shall not grant a payday loan that exceeds $1500.
Term of Loan
A Member shall not grant a payday loan with a term that exceeds
31 days.
Record Keeping
A Member will keep and maintain records of financial transactions
with their customers in accordance with standards established
by the Association.
Right to Rescind
A customer shall have the right to rescind a payday loan at no cost
on or before the close of the following business day.
Privacy Protection
Members are prohibited from using personal and confidential
information for marketing or other purposes unrelated to the
payday loan without the consent of the customer and will
comply with all privacy laws.
Selling Other Goods or Insurance
A Member is prohibited from requiring a customer to obtain
insurance as a condition of taking out a payday loan.
Advertising Standards
Members will follow the advertising standards as established by
the Association and must also comply with all Provincial laws
governing advertising.
Disclosure to Customer
A Member shall use plain language in their documentation, will
disclose all the fees, costs and interest in a clear manner and will
prominently indicate the high-cost nature of the payday loan on
all loan documentation.
Education and Awareness Campaigns
Members shall prominently display the Code of Best Business
Practices, the CPLA logo showing membership in the Association,
credit counselling and CPLA educational brochures, and
information on how customers can contact the Association
with complaints or comments.
Member Non-Compliance
The Association will ensure Members comply with all elements of
the Code. A Member will report to the Association any violation of
this Code by any other Member.
Responding to Consumer Complaints
A Member must respond diligently to all complaints of their
customers. If a customer is not satisfied with redress of their
complaint they are invited to contact the Association action
line at 1-800-413-0147 or by email at inquiry(at)cpla-acps.ca.
The Association will investigate and take any appropriate
and necessary action to resolve customer complaints.