News Release Archive
BUSINESS/CONSUMER SERVICES--CONSUMER PROTECTION ACT AMENDED
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The Department of Business and Consumer Services is stepping up
consumer protection in the province.
Recent amendments to the Consumer Protection Act regulations
require that all agents of lenders operating in Nova Scotia be
registered under this legislation and are prohibited from
collecting advance fees for their services.
"We're trying to crack down on fly-by-night operations that
promise to arrange loans for an advance fee and then fail to
follow through on the deal," said Business and Consumer Services
Minister Sandy Jolly.
Prior to the amendments, the Consumer Protection Act did not
require that agents be registered and had no control over their
actions. In addition to registering under the act, the agent must
now provide a potential borrower with a clear written statement
detailing the name, address and phone number of the agent, the
lenders from whom the agent will attempt to obtain the loan, the
amount and date of the loan, and the agent's fee.
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Contact: Louise MacDonald 902-424-0394
Greg Mitchell 902-424-5336
trp Sept. 17, 1996 - 10 a.m.
