Consumer Protection BC has issued a compliance order and an administrative penalty against Credit Club Inc., a licensed payday lender based in Gatineau, Quebec, who issues payday loans to BC consumers for:
- Failing to include the loan term in payday loan agreements, contrary to section 112.06(2)(g) of the Business Practices and Consumer Protection Act (BPCPA).
- Failing to include the annual percentage rate in payday loan agreements, contrary to section 112.06(2)(k) of the BPCPA.
- Failing to include a statement of remedies available to the borrower in payday loan agreements, contrary to section 112.06(2)(r) of the BPCPA
Credit Club Inc. has been issued an administrative penalty of $6,000.
Read the compliance order, notice of administrative penalty and the full reasons for the decision.
The business has been ordered to reimburse Consumer Protection BC inspection costs of $2,623.00 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).
About Consumer Protection BC
Consumer Protection BC is a not-for-profit regulator responsible for overseeing specific industries and consumer transactions in British Columbia. The organization’s mandate includes licensing and inspecting regulated businesses, responding to consumer inquiries, investigating alleged violations of consumer protection laws, and classifying all general release motion pictures.
With a focus on fairness and accountability, Consumer Protection BC works to ensure consumers are informed and protected. For more information, including recent enforcement actions and details about inspection and complaint-handling processes, visit www.consumerprotectionbc.ca. The organization also shares valuable consumer tips and resources through its blog and social media channels on Facebook and Instagram.