Starting June 1, high-interest credit lenders will have to be much clearer with consumers about how much their services are going to cost.

The province has introduced regulations that will require high-cost credit lenders to be licensed to operate in the province. Newfoundland and Labrador is the fifth province in the country to introduce such regulations.

Minister of Digital Government and Service NL, Sarah Stoodley says the companies include those that offer high-interest loans, high-interest car leases, or who offer rent-to-own furniture.

She says under the new regulations, companies will have to make it clear, up-front, what the full cost of borrowing will be, and disclose all the fees and compound interest. The regulations also allow for a four-day cooling off period, so that a consumer isn’t penalized if they change their mind and return the goods or pay back the loan within four days.