Payday Lending Licensing Fees
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{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. Payday lender licensing was introduced in the fall of 2009. Since then, there have been no fee increases but Consumer Protection BC has absorbed significant costs in bringing the licensing regime into effect, in monitoring licensees for compliance, in handling complaints and taking enforcement actions. These costs have greatly exceeded the revenue generated from licence fees in this sector. We are thus increasing the new and annual renewal licence fees for head offices from $1500 to $2500 and for branch offices from $750 to $1250 on November 1, 2011. We are also applying smaller increases of 2% in 2012, 2013 and 2014. Please click here to view a copy of the new fee schedule. Consumer Protection BC is a not-for-profit corporation that was created to strengthen consumer protection in BC and enforce consumer protection laws. We balance the interests of all parties to promote a marketplace that is fair for both BC consumers and businesses. We license and inspect specific industries, respond to inquiries through our inquiry centre, investigate alleged violations of consumer protection laws, and educate consumers and businesses about their rights and responsibilities under the law. For more information about our organization, please visit our corporate website at www.consumerprotectionbc.ca. General Contact: Media Contact Only: |
