Protecting Consumers: Payday Loan Interest
On November 3, 2008, Laurie put forward a Private Member's Motion that "the Legislative Assembly urge the government to introduce legislation to establish a ceiling for the daily accrual of interest on payday loans." Unregulated and often exorbitant interest rates hurt individuals who require loans; the government has the ability and the responsibility to limit rates to protect consumers.
Laurie's Motion passed with support from all three parties in the Legislature. Click here to read Laurie's comments in the Assembly on this motion. See also media releases from the Official Opposition from November 3 and November 4.