Consumer Protection BC has issued an administrative penalty of $400 against Cashmart Payday Loan Inc, a payday loan provider based in Surrey BC, for violating BC’s consumer protection law for:
- Failing to include the correct annual percentage calculation (APR) in four payday loan agreements, contrary to section 112.06(2)(k) of the Business Practices and Consumer Protection Act (BPCPA).
Read the administrative penalty and the full reasons for the decision. By law, the business has 30 days to request a reconsideration of this 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 status of BC-licensed payday lenders, 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 so consumers can self-assess the fairness of a transaction. Our vision is a province where all citizens of BC are empowered in their transactions as a result of rigorous and consistent business compliance and through the provision of information.
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 Consumer Protection BC on Twitter @ConsumerProBC, like us on Facebook and read our blog for valuable consumer tips and resources.