Consumer Protection BC has issued a compliance order and administrative penalties totaling $1,500 against Cash Central Financial Services Inc., a licensed payday lender based in Penticton BC, for violating BC’s consumer protection laws by:
- Failing to state the annual percentage rate on payday loan agreements, contrary to section 112.06 (2)(k) of the Business Practices and Consumer Protection Act (BPCPA)
- Issuing a new payday loan to a borrower who already has a payday loan issued by the lender, contrary to section 112.08 (1)(b) of the BPCPA
The notice of administrative penalty, compliance order and the full reasons for the decision are available on our website. The business has been ordered to comply with the requirements of the BPCPA, and to reimburse Consumer Protection BC partial costs for the inspection in the amount of $650 within 30 days. By law, the business has 30 days to request a reconsideration of the decision.
All money Consumer Protection BC receives from administrative penalties is deposited into the Consumer Advancement Fund (as required by section 169 of the BPCPA).
To check the licensing status of our regulated businesses, to read a backgrounder on the regulation of the sector in BC and other information for 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 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.