NDP MPP Cheri DiNovo says that the McGuinty government’s failure to regulate interest rates on payday loans in Ontario will attract payday lenders who have exited U.S. markets with strict interest rate caps.

NDP MPP Cheri DiNovo today, tabled a Private Members Bill titled The Payday Loans Act, 2008 that governs payday loans by setting a 35 per cent cap on interest rates. DiNovo introduced the same bill last year.

NDP MPP Cheri DiNovo says the McGuinty government’s payday loan law that was introduced today does not go far enough to protect consumers and continues to allow sky-high interest rates.

Last year, DiNovo introduced her own bill that requires the licensing of payday loan operators and sets a 35 per cent cap on interest rates. Today, the McGuinty government finally introduced long overdue legislation to regulate the payday lending industry.

Hamilton Centre MPP Andrea Horwath wants Premier Dalton McGuinty to make good on his promise to workers and stop their new holiday from being hijacked.

Many workers will be deprived of the new statutory holiday on February 18th because, Horwath says, “in their rush to get an election goody out the door, the Liberals mismanaged the planning of Premier McGuinty’s much-trumpeted Family Day.”

NDP MPP Michael Prue introduced a Private Members Bill today The Conrad Black Executive Compensation Abuse Act that would ensure shareholders have a say over the compensation packages of senior executives at large corporations.