Three B.C. money-lending companies fined for violating consumer laws
VICTORIA – Three money-lending companies in B.C. have been fined for violating consumer protection laws.
Consumer Protection BC has ordered Loan Express Corp., Cash Store Financial Inc., and Justenna Enterprises Inc., which operates as Money Mart Whistler, to pay up for various infractions.
The non-profit corporation that regulates unfair practices says Loan Express Corp., must cease offering, arranging or providing payday loans at any location that is not licensed.
Cash Store has been issued a $7,750 administrative penalty for violating a previously issued compliance order requiring it to provide borrowers with signed copies of their payday loan agreements.
Two other compliance orders against Cash Store from last year, requiring the lender to refund illegally charged loan fees to borrowers, are currently pending judicial review, and a B.C. Supreme Court hearing is set for June 26.
Money Mart Whistler has been ordered to pay $1,000 for failing to require borrowers to initial the cost of credit, annual percentage rate and cancellation rights of payday loan agreements.
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