Following several inspections looking into National Money Mart Company’s payday loan agreements, an undertaking has been signed between the licensed payday lender and Consumer Protection BC.
The terms of the undertaking include an acknowledgement and agreement by National Money Mart Company (Money Mart) to:
- Credit borrowers (by waiver or refund) any amount of the cost of credit collected or associated with loan agreements that took place in December 2017, where Money Mart did not ensure the repayment of the loan was spread over multiple pay periods of the borrowers, as required under section 23(2)(3) of the Payday Loans Regulation.
- By March 1, 2018, provide Consumer Protection BC with detailed information of all cost of credit waiver or refunds returned to borrowers.
- Within 7 days of the date of the undertaking, reimburse partial costs of the inspection to Consumer Protection BC in the amount of $2,300.
Read the undertaking in full on our website. A written undertaking (agreement) is a remedy available to Consumer Protection BC under its progressive enforcement model and contains the terms and conditions it determines are appropriate in the circumstances.
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.