Archived — Alternative Consumer Credit Market Consultation

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This consultation is closed

The Consumer Measures Committee (CMC), a partnership of federal, provincial and territorial government departments responsible for consumer affairs, has a working group developing policy related to the Alternative Consumer Credit Market (ACCM). This market is a reference to the rapidly growing area of alternative financial services that includes such players as the cheque-cashing, payday loan, chattel mortgage and pawn broker industries. These industries are not highly regulated. The CMC is developing policy in response to concerns regarding access to credit, the unusually high cost of borrowing, and potentially abusive practices.

The working group has representation from the federal government and the governments of British Columbia, Alberta, Saskatchewan, Manitoba, Québec and Nova Scotia. The attached consultation is the third in a series of consultations that have included a roundtable meeting with industry, consumer and academic representatives in Vancouver, and a survey of practices employed within the industry.

The enclosed consultation paper outlines two baseline options for a final policy recommendation to ministers on this file. It offers an opportunity for you or your organization to provide input on how the existing legal framework that applies to the alternative consumer credit market can be amended to better protect customers while reflecting legitimate industry needs.

Please complete the questionnaire at the end of the short consultation paper, providing as much detail as possible. The working group will prepare a consolidation of responses to share with the CMC, but specific responses will remain confidential. In order to compile the information gathered in a timely fashion, we ask that you respond by January 31, 2003.

Kindly submit your responses to:
Consumer Measures Committee Secretariat
Office of Consumer Affairs
Industry Canada
235 Queen Street
Ottawa, Ontario
K1A 0H5
Tel: (613) 952-1918
Fax: (613) 952-6927

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