Whistler payday lender fined by Consumer Protection BC
Money Mart Whistler, operated by Justenna Enterprises Inc., is one of three payday loan companies fined by Consumer Protection BC this week for violating provincial payday loan laws.
According to Consumer Protection BC, Money Mart Whistler received a $ 1,000 administrative fine for a paperwork: it failed to ensure that borrowers wrote their initials in addition to borrowing costs, annual interest rates, and the right to terminate their payday loan agreements.
According to Manjit Bains, VP of Corporate Relations for Consumer Protection BC, consumers have the right to know all the terms of their payday loans.
“In this particular situation, it is very important for consumers to understand that they have rights under British Columbia Consumer Protection Act, and one of those rights is to obtain specific information that the company must disclose – borrowing charges, annual interest rates, and cancellations.” Rights and so on … and the payday loan companies have to sign off this information to make sure they got it, “she said.
Piqué contacted Money Mart National and Justenna Enterprises Inc., based in Ontario, for comment, but received no response at the time of going to press.
The $ 1,000 fine was the lightest set by the consumer protection agency in this enforcement round. Loan Express Corp. has been instructed to cease offering, brokering, or providing payday loans in unlicensed locations. Consumer Protection BC maintains a list of licensed payday lenders at www.paydayloanrightsbc.ca.
In addition, Cash Store Financial Inc. was fined $ 7,750 for violating a previously issued compliance ordinance that required Cash Store and Instaloan locations to provide borrowers with signed copies of their payday loan agreements .
In 2012, Cash Store received two more compliance orders and had to reimburse borrowers for illegally collected payday loan fees. The orders are currently awaiting judicial review with a hearing in the BC Supreme Court on June 26, 2013.