Consumer Protection BC has issued a compliance order against Cashco Financial Inc. (DBA Cashco), a licensed payday lender based in Duncan BC, for:
- Failing to ensure that payday loan agreements provided for repayments to be made by borrowers over at least the next two “pay periods”, contrary to section 23 (2)(b) of the Payday Loans Regulation
The business has been ordered to refund the payday loan fees to affected borrowers, comply with the requirements of the Payday Loans Regulation, and to reimburse Consumer Protection BC costs for the inspection in the amount of $600 within 30 days.
By law, the business has 30 days to request a reconsideration of the decision.
All money received from administrative penalties is deposited into the Consumer Advancement Fund (as required by section 169 of the BPCPA).
To check the status of a Consumer Protection BC licensed business, read a backgrounder on the regulation of the sector in BC, understand our administrative penalty policy and procedures and read other information for regulated businesses and the public, please visit our website.
About Consumer Protection BC:
Consumer Protection BC is the regulator of a variety of sectors and specific consumer transactions in the province. Our mandate is to license and inspect our regulated businesses, respond to consumer inquiries, investigate alleged violations of consumer protection laws, and to classify all general release motion pictures.
For more information about our organization, to read our recent enforcement actions, and to learn about our inspection and complaint-handling processes, please visit our corporate website at www.consumerprotectionbc.ca. You can also follow us on Facebook, Instagram and YouTube or read our blog for valuable consumer tips and resources.