The province has introduced proposed legislative amendments to the Consumer Protection and Business Practices Act to help regulate high-cost credit lending.

High-cost credit lending often targets people with few other options, and the provincial government says greater consumer protections are necessary.

The proposed amendments include enhanced disclosure requirements, the prohibition of undisclosed fees, and the prohibition of giveaways to encourage customers to take out loans and automatic payment deductions from a borrower’s paycheck.

The amendments also include a “cooling off” period to allow a borrower to back out of a loan within four days without penalty.

That’s in addition to a reduction in the maximum allowable payday loan rate announced recently.

If passed, the new legislation would make this province the first in Atlantic Canada to implement a regulatory regime specific to high-cost credit lenders.