Payday Lending
Cash Store Financial Refund Process Begins

{March 6, 2014} VICTORIA, BC – Consumer Protection BC announces that Cash Store Financial Inc. has begun the refund process for eligible payday lending consumers.

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Supreme Court of BC confirms Cash Store must refund $1 million to consumers

{January 31, 2014} VICTORIA, BC – The Supreme Court of British Columbia has upheld Consumer Protection BC’s Compliance Orders against Cash Store Financial Inc. requiring the company to comply with the law and refund over $1 million to consumers.  

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Consumer Protection BC orders The Money Stop to cease unlicensed payday lending activity and to refund consumers

{July 24, 2013} VICTORIA, BC – Consumer Protection BC has issued a compliance order and administrative penalty against Money Stop Ltd. (doing business as The Money Stop) for violating BC’s payday lending laws.

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On or offline, payday lenders must be licensed says Consumer Protection BC

With increasingly more consumer purchasing financial products online, Consumer Protection BC is reminding BC consumers that payday lending is an industry regulated both on and offline.

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Consumer Protection BC enforcement actions sends strong message to all BC payday lenders to comply with law
{June 20, 2013} VICTORIA, BC – Consumer Protection BC has issued Compliance Orders and Administrative Penalties against BC payday lenders Loan Express Corp., Cash Store Financial Inc. and Justenna Enterprises Inc. (doing business as Money Mart Whistler) for violating BC’s payday lending laws.

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Court orders Cash Store to secure $1,059,828 for potential consumer refunds, pending judicial review
{February 7, 2013} VICTORIA, BC – In December 2012 Consumer Protection BC announced that The Cash Store Financial Services Inc. (“Cash Store”) had petitioned the BC Supreme Court for a judicial review of the determinations issued by Consumer Protection BC on March 23, 2012 (Compliance Order) and Nov. 30, 2012 (Supplemental Compliance Order). For more information, please read December’s release.
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Cash Store Financial Petitions For Judicial Review

{December 21, 2012} Further to determinations issued by Consumer Protection BC on March 23, 2012 (Compliance Order) and November 30, 2012 (Supplemental Compliance Order) ordering The Cash Store Financial Services Inc. (“Cash Store”) to refund unlawful fees charged to customers in relation to cash cards, Cash Store has petitioned the Supreme Court of British Columbia for a judicial review of these orders pursuant to the Judicial Review Procedure Act. The petition seeks a review of many central elements of Consumer Protection BC’s March 23, 2012 order, as well as one term of the November 30, 2012 order requiring that monies not refunded to consumers after a period of time be paid to the Consumer Advancement Fund. Cash Store has also sought a stay of execution of these orders pending determination of the petition for judicial review by the court.

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Payday Lending Consumers To Start Getting Over $1Million in Refunds

MEDIA RELEASE
FOR IMMEDIATE RELEASE

{December 10, 2012} VICTORIA, BC – British Columbians who were overcharged for payday loans from The Cash Store or Instaloans are eligible for refunds estimated to total approximately $1 million. In March, 2012, Consumer Protection BC ordered the parent company, Cash Store Financial Inc., to stop charging illegal fees and repay customers who were overcharged. As a result of a Supplemental Compliance Order issued on November 30, 2012, the refund process is now scheduled to begin on December 11th 2012. The refund process will be overseen by an independent auditor and Consumer Protection BC. Following from this process, it’s expected that all illegally-charged funds could begin to be refunded as soon as February 2013.

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Cash Store Financial Inc. Refunds Update

VICTORIA, BC – On March 23, 2012 Consumer Protection BC ordered Cash Store Financial Inc., more commonly known as The Cash Store or Instaloans, to comply with the law and refund unlawful cash card fees charged to their customers since late 2009. Consumer Protection BC is committed to ensuring that all eligible consumers receive complete and accurate refunds from Cash Store Financial Inc.

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Consumer Protection BC Uncovers New Violations By Cash Store Financial

(June 20, 2012) VICTORIA, BC – Consumer Protection BC has identified 3 new contraventions where Cash Store Financial Inc. has violated BC’s payday lending laws. Cash Store Financial Inc. is a Canadian payday lender, more commonly known as The Cash Store or Instaloans.

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Payday Lending Consumers Are To Receive Refunds says Consumer Protection BC

(May 29, 2012) VICTORIA, BC – Consumer Protection BC is reminding payday lending consumers that they may be eligible for refunds from Cash Store Financial Inc., more commonly known as The Cash Store or Instaloans. Consumers are encouraged to complete Consumer Protection BC’s online refund tracking form.

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Cash Store Fails to Comply With Ruling From Consumer Protection BC
(May 3, 2012) VICTORIA, BC – Consumer Protection BC has filed a Notice of Penalty and Compliance Order with The Supreme Court of British Columbia after Cash Store Financial Inc., a Canadian payday lender more commonly known as The Cash Store or Instaloans, failed to meet requirements laid out in their March 23, 2012 compliance order and notice of administrative penalty.
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Cash Store Ordered to Refund Consumers Back to 2009

MEDIA RELEASE
FOR IMMEDIATE RELEASE

{March 27, 2012} VICTORIA, BC - Consumer Protection BC has ordered Cash Store Financial Inc., a Canadian payday lender, more commonly known as The Cash Store or Instaloans, to comply with the law and refund unlawful fees charged to their customers since late 2009.
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Consumer Protection BC Warns Payday Lending Consumers
{February 24, 2012} VICTORIA, BC - Consumer Protection BC is alerting consumers that NCA National Cash Advance (Canada) ULC, a payday lender, will be closing its offices by the end of the day today. National Cash Advance has six offices in Abbotsford, Burnaby, Maple Ridge, Mission and Surrey.
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New Policy To Publish Enforcement Actions

{October 14, 2011} VICTORIA, BC – Consumer Protection BC has implemented a new policy to publically share information about our licensing and enforcement actions.

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New Web Portal Launched for Payday Loans Industry

{September 15, 2011} VICTORIA BC – Consumer Protection BC is very pleased to announce the launch of www.paydayloanrightsbc.ca, which link to our new payday loans industry portal. This new website portal, which co-exists with our larger Consumer Protection BC website, provides timely and relevant information for both consumers and licensed payday lenders. You can now find all of our information in one location!

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Payday Lending Licensing Fees

{July 29, 2011} VICTORIA, BC – After conducting industry consultations, Consumer Protection BC is increasing licence fees and charges for licensed BC payday lenders.   The new fees will come into effect on November 1, 2011.

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New Administrative Penalty Policy

{July 5, 2011} VICTORIA, BC - Consumer Protection BC is informing our licensed industries of a new policy on the use of financial sanctions, referred to as administrative penalties, for licensed businesses that fail an inspection.

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Fraud Prevention Month Case Studies

What would you do?  Throughout the month of March we have been sharing our “What Would You Do?” columns to raise consumer awareness during Fraud Prevention Month. Each of our consumer case studies begin with a specific consumer situation, continues with how we might handle such a situation and ends with tips for consumers.

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Public Notice: Cash Store Appeal

{January 27, 2011} VICTORIA, BC – Further to determinations issued by Consumer Protection BC on November 9, 2010 finding that The Cash Store Financial Services Ltd. ("Cash Store") was in violation of British Columbia payday lending regulations, Cash Store, pursuant to section 181(1) of the Business Practices and Consumer Protection Act (the "Act"), filed an application for reconsideration dated December 9, 2010. Consumer Protection BC has decided to reconsider the determinations. The reconsideration process is currently underway. Pursuant to s. 181(3)(b) of the Act, all determinations against Cash Store are stayed, pending further order.

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Payday Lender Ordered To Refund BC Consumers

{November 10, 2010} VICTORIA, BC – Consumer Protection BC has determined that Cash Store Financial Services Inc. more commonly known as The Cash Store or Instaloans, are in violation of British Columbia’s payday lending regulations and are being ordered to pay a monetary penalty as well as refund consumers for unlawful fees on their loans.

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New Licensing Fees in Effect as of January

{September 24, 2010} VICTORIA, BC – After conducting industry consultations, Consumer Protection BC is adjusting the licence fees for several of our licensed industries and occupations.   The new fees will come into effect on January 1, 2011.

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We want to hear about your consumer issues!

{August 23, 2010}  VICTORIA, BC - Consumer Protection  BC wants to hear about the issues of BC consumers.  We have just posted a consumer survey on our website that gives members of the public the opportunity to share their experiences with us.

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Consumer Protection BC Wants YOU - Deadline Extended!

{July 12, 2010} VICTORIA, BC - Consumer Protection BC is seeking industry members and consumers to serve on our industry advisory groups.

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