Consumer Protection BC says the company that operates payday lenders Cash Store and Instaloan, has failed to meet requirements laid out in their March 23rd complaince order.
That is when Cash Store Financial was ordered to immediately comply with BC payday lending laws, and given thirty days to pay an fine.
Consumer Protection BC’s Vice President of Corporate Relations, Manjit Bains says they are now taking the next steps to protect pay day loan consumers.
“Consumer Protection BC has filed a notice of penalty and the original compliance order with the Supreme Court of BC,” says Bains, “and added 10% in late fees to the $ 25,000 administrative penalty.”
That brings the fine up to $ 27,500.
The consumer watchdog is urging any Cash Store or Instaloan customers with a “Cash Card” to contact them, by registering on their website.
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