Recent enforcement actions details

Case number: 
30143

Business:
Cashmart Payday Loan Inc

Does business as:
Cashmart

Attached PDFs: 


Summary:

Allegations

  • charging fees exceeding limits prescribed by regulation for cashing government assistance cheques [sec. 112.13 BPCPA]
  • failing to ensure that installment payments in payday loan agreements aligned with borrowers' pay periods [sec. 23(2) Payday Loans Regulation]

Decision Outcome

  • The contraventions are confirmed

Actions Taken

  • Penalty of $4,500
  • Inspection costs of $1,500 ordered reimbursed
  • Demand to repay all cheque-cashing fees relating to contravention of sec. 112.13
  • Requirement to repay borrowers' payday loan fees in relation to sec. 23(2) PLR violation