Loan company charged in criminal interest-rate case
Last Updated: Thursday, January 19, 2006 | 2:02 PM ET
CBC News
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The owners of a payday lending company in Winnipeg have been charged after an investigation revealed people were paying criminally high interest rates.
Paymax Canada and two company officials were charged on Thursday following a four-year investigation.
Det.-Sgt. Len Terlinski says the company was allegedly charging interest rates of several thousand per cent.
The maximum allowed under the Criminal Code is 60 per cent annually, and that takes into consideration any extra charges or service fees.
A conviction can result in up to five years in jail and stiff fines. Also, any money the company earned from payments that exceeded the legal interest rate could be considered proceeds of crime and seized.
Police say many other companies charge similar amounts, and may also face criminal charges.
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