Manitoba has moved another step closer to capping interest rates on payday loans.
The province has received the green light from the federal government, through the Criminal Code, to set maximum interest rates for short-term loans.
Finance Minister Greg Selinger says the limits could be in place by fall.
The province's Public Utilities Board has already ruled that interest rates will be capped at 17 per cent for loans up to $500.
Some payday loan companies are appealing that ruling, saying the interest rate is too low for smaller companies to survive on.
