About BC Consumer Protection

Decision summary: Surrey payday loan provider fined for violating consumer protection law

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{June 9, 2017} VICTORIA, BC – 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).

To read the administrative penalty and the full reasons for the decision, click here. 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).

A backgrounder on the regulation of payday lending in BC and a list of BC-licensed payday loan providers, can be found on Consumer Protection BC’s website at www.paydayloanrightsbc.ca.  All recent Consumer Protection BC enforcement actions are published on Consumer Protection BC’s corporate website, www.consumerprotectionbc.ca. To learn more about inspections and complaint-handling at Consumer Protection BC, please refer to this backgrounder.

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 solution-based information. For more information about our organization, 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.