A lender that is payday require, simply just simply take or accept:
- genuine or individual property
- a pursuit in genuine or individual home
- a warranty
as safety when it comes to re payment of a quick payday loan or the performance of a responsibility under a pay day loan contract. A post dated cheque or debit that is pre-authorized maybe maybe not regarded as protection. s. 150 Act
Non-compliance using this part may lead to notice of an administrative penalty. A summary of given penalties that are administrative be posted in the customer Protection workplace internet site.