Payday loan company facing fine Payday, loan, facing, fine, company

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Payday loan company facing fine
Provincial agency gives the Cash Store a $25,000 fine
Amanda Wawryk/The Province Nov 12, 2010 07:02:13 AM
Be the first to Comment  0 Recommendation(s) VANCOUVER (NEWS1130) - One of Canada's biggest payday loan firms, the Cash Store, has been ordered to pay a hefty fine and reimburse consumers who were overcharged.

The provincial agency responsible for consumer protection says the payday loan company has been fined $25,000 and will have to provide refunds to consumers who were charged more than the maximum 23 per cent interest rate. It has also been asked to pay investigation costs.

The Province newspaper reports The Cash Store is appealing the decision, saying it has been a leader in consumer protection and its objective is to be fully compliant with provincial regulations.