Cash Store accused of violating B.C. payday lending laws
Lender ordered to pay $6,200
The Canadian Press
Posted: Jun 20, 2012 11:22 AM PT
Last Updated: Jun 20, 2012 9:20 PM PT
Consumer Protection BC has fined Cash Store Financial Inc., the operator of The Cash Store and Instaloans, $6,200. (CBC)Consumer Protection BC says Cash Store Financial Inc. has been ordered to pay $6,200 in administrative penalties for violating the province's payday lending laws.
The not-for-profit organization, created by the provincial government to administer B.C.'s consumer protection laws, said Wednesday that it has found 30 violations involving three separate regulations.
Edmonton-based Cash Store Financial Inc., a short-term lender operating under The Cash Store and Instaloans banners, has 30 days to appeal the decision.
The allegations include failing to include licence numbers in representation and visual advertisements; failing to include the expiry dates for issued cash cards in loan agreements and requesting or requiring a payment from a borrower before it is due under the loan agreement
"We are committed to enforcing the law and ensuring that consumers are aware of their rights," said Manjit Bains, vice-president of corporate relations for Consumer Protection BC.
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