Consumer Protection BC has issued a compliance order and an administrative penalty against Reliable Speedy Loans Ltd., a licensed payday lender based in Burnaby BC, for:
- Failing to ensure that a payday loan agreement included the address of the payday lender and the Annual Percentage Rate (APR) of the payday loan, contrary to section 112.06(2) of the Business Practices and Consumer Protection Act (BPCPA), an administrative penalty of $3,000.
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 partial inspection costs 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, read an overview of each licensed industry, understand our administrative penalty policy and procedures, 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 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.