A Penticton payday lender has been fined $1,500 for violating British Columbia’s consumer protection laws.
Consumer Protection BC has issued a compliance order and administrative penalties totalling $1,500 against Cash Central Financial Services Inc., a licensed payday lender based in Penticton.
Consumer Protection BC is the regulator of a variety of sectors and specific consumer transactions in the province.
The company was fined for both;
- Failing to state the annual percentage rate on payday loan agreements, contrary to section 112.06 (2)(k) of the Business Practices and Consumer Protection Act (BPCPA)
- Issuing a new payday loan to a borrower who already has a payday loan issued by the lender, contrary to section 112.08 (1)(b) of the BPCPA
The business has been ordered to comply with the requirements of the BPCPA, and to reimburse Consumer Protection BC partial costs for the inspection in the amount of $650 within 30 days.
By law, the business has 30 days to request a reconsideration of the decision.
All money Consumer Protection BC receives from administrative penalties is deposited into the consumer advancement fund.
For more information on this case, click here.