Consumer Protection BC has issued a compliance order and administrative penalties against P & R Money Express, a licensed payday lender based in Penticton BC, for:
- Failing to disclose the annual percentage rate of interest (APR) , calculated in accordance with the regulations, on three separate payday loan agreements, contrary to section 112.06 (2)(k) of the Business Practices and Consumer Protection Act, an administrative penalty of $3000
In addition to the administrative monetary penalties, the business has been ordered to reimburse Consumer Protection BC partial costs for the inspection in the amount of $500 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, to read a backgrounder on the regulation of the sector in BC, understand our monetary penalty policy and procedures and read other information for regulated businesses and the public, please explore www.consumerprotectionbc.ca.
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, classify all general release motion pictures and provide information and referrals to consumers.
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 Twitter @ConsumerProBC, like us on Facebook and read our blog for valuable consumer tips and resources.