As of June 1, 2024, all high-cost credit lenders must be licensed to operate in the province.

These high-cost credit lenders differ from typical financial institutions such as banks, credit unions and payday lenders, and offer installment loans at high interest rates.

Under new regulations, lenders will be required to comply with the Consumer Protection and Business Practices Act, along with the High-Cost Credit Product Regulations and High-Cost Credit Product Licensing Regulations.

The new regulations will prohibit certain practices and specify guidelines for entering into a credit agreement. The Regulations also establish licensing, notification and document retention requirements.