Ontario has become the sixth province in Canada to have implemented legislative measures that will regulate the pay day loan industry.

Measures brought in aim to allow for a "viable" sector, while at the same time look after citizens'’ needs.

Stan Keyes, president of the Canadian Payday Loan Association (CPLA), said the legislation is and important move towards protecting consumers in Ontario.

"The CPLA will continue to be an industry leader in protecting consumers and will participate actively in the rate-setting process for this mainstream, convenience financial product," he remarked.

He added that all regulations need to ensure consumers are protected, as well as sustaining a competitive industry.

Last fall, the CPLA published research that claimed pay day loan customers in Ontario were well educated and informed.

The study revealed that those who take out short-term loans "deliberately choose" to do so instead of getting money from banks and credit unions, and know what they are doing with the product.

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