Swann supports Act to End Predatory Lending

David Swann expresses his support for Bill 15 – An Act to End Predatory Lending

Today Alberta Liberal Leader David Swann expressed his support for the introduction of Bill 15 – An Act to End Predatory Lending in the Legislature today.

“This is a much-needed move that has been a long time coming,” said Dr. Swann. “A reform to the payday loan industry is an important plank in the Liberal platform. Last October I wrote to Minister Bilous urging the government to take action on the issue, and I am heartened to see them following through. I’ve also recently learned of some remarkable community-based solutions to short term loans I hope government can encourage.

“This will be a decisive act to break the cycle of debt that entraps too many Albertans. In particular, fixed-income seniors, low-income single parents, post-secondary students and individuals with addiction issues have been easy prey for predatory loan companies. 

“I especially salute the Ministry for its increased monitoring efforts and commitment to work with the Alberta Treasury Branches to create alternatives, something I proposed in my letter to Minister Bilous.

“This bill is an important and necessary step to protect Albertans.”