Displaying items by tag: Payday Lending Subscribe to this RSS feed
You might recall that in March 2012, we ordered the parent company of The Cash Store and Instaloans, Cash Store Financial Inc., to stop charging illegal fees and to repay consumers who were overcharged. As a result of a Supplemental Compliance Order issued on November 30, 2012, the refund process is now scheduled to begin. Following from this process, we expect that all illegally-charged funds could begin to be refunded by February 2013.
Did you know that in a 12 month span, there were more than 700,000 payday loans taken out in BC? Consumer Protection BC licenses and regulates this industry in the Province. We want to tell you about an important announcement that may affect you if you have used the services of Cash Store Financial Inc. since 2009. We have just ordered Cash Store Financial Inc. to refund unlawful fees charged to their customers since late 2009. Please view the media release on our website for all the details.
Consumer Protection BC licenses payday lenders both located in BC and those doing business over the internet or by telephone with BC consumers. We are also responsible for enforcing the laws regarding this industry.