Saskatchewan has drawn up regulations for the payday loan industry.
The regulations require payday loan operations to be licensed at a cost of $2,000 per location while payday loan agreements are required to be in writing and provided to customers.
Charging additional fees beyond the allowed interest rate, charging fees to prepay the loan before its due date and lending more than 50 per cent of the borrower's net pay during the term of the loan are prohibited.
The Saskatchewan Party government set a maximum fee of 23 per cent of the principal or $23 per $100 loaned. This is the same rate as Alberta and British Columbia.
For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to PaydayLoanIndustry.com
Saskatchewan Payday Loan Laws & Saskatchewan Payday Loan Legislation Information