"The BCPLA welcomes the consumer protection measures introduced by the BC
Government and will provide a credible, unified voice for small and
medium-sized lenders throughout the consultation process."
Kevin Isfeld, BCPLA President
KAMLOOPS, BC, Feb. 11 /CNW/ - The British Columbia Payday Loan
Association (BCPLA) today announced that it will focus exclusively on
representing the interests of small to medium-sized, independent providers of
payday loan services in BC. To facilitate the association's change of mandate,
publicly-traded Rentcash Inc. - which holds 25 percent market share in BC -
has voluntarily withdrawn its membership from the association and the BCPLA
will no longer accept memberships from publicly-traded companies. The
announcement coincides with provincial consultations on rate-setting and other
regulatory matters for the industry. New regulations are expected later this
"Our membership has held extensive internal discussions about how best to
participate in on-going consultations with the British Columbia government.
With 96% of our members in the small to medium-size range, we felt that it
would be best to narrow our mandate slightly and present a unified voice for
this segment of the industry. The larger players have the resources to
participate fully in the consultation process on their own while the smaller
players have their hands full with the day-to-day operation of their business.
By narrowing our focus, we can provide a unified voice for these lenders,"
said BCPLA president Kevin Isfeld.
The BCPLA is in the process of drafting a response to the government's
consultation document and is looking forward to providing input on behalf of
small to medium-sized lenders on February 15th.
In the past six months there has been a great deal of activity in the
regulatory field across Canada, including Public Utility Board hearings in
Manitoba and Nova Scotia and a government mandated industry cost study in
Saskatchewan. The BCPLA has followed these proceedings closely and plans to
build on the experience gleaned from these jurisdictions to provide the
government with meaningful input towards achieving balanced and effective
consumer protection measures.
"Our members recognize that effective regulations are in everyone's best
interest. Consumer and industry experts in the Manitoba and Nova Scotia
proceedings conclusively support the existence of a viable and competitive
payday loan industry. What is left for all parties to agree on is what steps
should be taken to provide consumers with the benefits of a competitive market
while protecting them from the undesirable practices of some lenders,"
concludes Mr. Isfeld.
About the BCPLA:
The BCPLA has the largest membership of any payday loan industry
association in Canada. The association comprises 25 member companies with 81
storefront locations in British Columbia. BCPLA members operate in both rural
and urban communities. They vary in size and scope of operations, from single
store operators to medium-sized lenders with stores in multiple provinces.
For further information:
For further information: please visit the BCPLA website (www.bcpla.ca)
or contact Kevin Isfeld at (250) 374-0693 x.206