Editorial Annotation
Non-application
Statutory Text
347.1(2) Section 347 and section 2 of the Interest Act do not apply to a person, other than a financial institution within the meaning of paragraphs (a) to (d) of the definition �financial institution� in section 2 of the Bank Act, in respect of a payday loan agreement entered into by the person to receive interest, or in respect of interest received by that person under the agreement, if (a) the amount of money advanced under the agreement is $1,500 or less and the term of the agreement is 62 days or less; (b) the person is licensed or otherwise specifically authorized under the laws of a province to enter into the agreement; and (c) the province is designated under subsection (3).