HAMILTON, ON, Feb. 6, 2013 /CNW/ - The Canadian Payday Loan Association
The Canadian Payday Loan Association (CPLA) has been contacted by
numerous media outlets regarding news stories indicating that the
Registrar for Payday Loans in Ontario has issued a proposal to revoke
the payday lending licenses of the Cash Store Inc. and Instaloans Inc.
It is not the policy of the CPLA to comment on matters involving any
non-members of the CPLA.
The CPLA has strongly supported and continues to support the steps taken
by the Province of Ontario to protect consumers through enactment of
legislation to license and regulate payday lenders and set maximum
rates. A payday loan is an important credit option used by many
Ontario residents. Delivery of this product in a fair and responsible
manner is essential.
We believe that diligent inspection and enforcement of regulation is a
necessary component to ensure Ontario's payday loan legislation is
effective in protecting consumers and we applaud and support their
efforts to do so. Today's statement by Consumer Services Minister Best
reflects the Government's continued commitment to consumer protection
in the Province of Ontario.
The Canadian Payday Loan Association (CPLA) represents the majority of
licensed payday lenders in Canada. CPLA works to ensure payday loan
companies hold themselves to a higher standard of responsible service
and to help customers make informed financial decisions.
SOURCE: Canadian Payday Loan Association (CPLA)
For further information:
Hon. Stan Keyes - President of the CPLA Office: (905) 522-2752