N.B. introduces new rules for payday lenders

New Brunswick is implementing new rules for payday lenders it says will ensure better protection for consumers.

The new rules, which take effect in January, set maximum rates and fees that can be charged and give consumers the right to cancel.

Lenders will also have to get a licence from the Financial and Consumer Services Commission and could have their licence revoked if they're not following the rules.

Finance Minister Cathy Rogers says the changes help to ensure that New Brunswickers are not taken advantage of at a time when they need financial support the most.