Media Advisory - Expert Witnesses Appear for Canadian Payday Loan Association at Public Hearings on Regulating Industry



    WINNIPEG, Nov. 19 /CNW Telbec/ - Expert witnesses from Pollara, Deloitte
and Touche and the University of Manitoba will present evidence to the
Manitoba Public Utilities Board (PUB) on Monday, Tuesday and Wednesday of this
week (November 19-21, 2007) on behalf of the Canadian Payday Loan Association.
    The Manitoba PUB is holding public hearings to determine the maximum
allowable fees that payday loan companies will be able to charge for a payday
loan in Manitoba.
    The hearing is being held in Winnipeg at 330 Portage Avenue - 4th Floor
Hearing Room.

    
    Monday, November 19, 2007
    -------------------------

    9:00am - Stan Keyes - President of the Canadian Payday Loan Association
    Comments to summarize the CPLA evidence on what the Manitoba Public
Utilities Board should set as the maximum allowable rate for a payday loan. 
Highlights include:

    - CPLA represents the interests of small, medium and large players in
      the industry
    - CPLA concurs with evidence of University of Manitoba Finance Professor
      who recommends a maximum rate of $20-$23 per $100 lent - plus
      regulatory costs
    - Requirement to balance the protection of consumers from unconscionably
      high fees while maintaining a viable industry

    9:30am - Michael Marzolini - Chairman of Pollara (Canada's leading public
opinion survey company)
    Presenting groundbreaking findings from first-ever survey and focus groups
with payday loan customers in Manitoba. Highlights include:

    - Consumers are well educated, informed and have income on par with
      average Manitobans
    - Consumers have access to a variety of credit options, but deliberately
      choose payday loans over options at banks and credit unions
    - Consumers borrow an average of $300, most often need the money for
      unexpected or emergency items and value the "convenience" of the
      product

    Monday - Wednesday (November 19-21, 2007)
    -----------------------------------------

    NOTE: Scheduling is difficult to predict at this time. Following the
evidence of Stan Keyes and Michael Marzolini, the following experts will
testify:

    TBD - Dr. Lawrence Gould - University of Manitoba Finance Professor
    Presenting results of analysis on what the maximum fee should be.
    Highlights include:

        - Overview of 2004 Ernst and Young study into the costs of providing
          payday loans in Canada
        - Recommendation that the Manitoba Public Utilities Board should set
          a cap on allowable fees and charges at $20-$23 per $100 lent plus
          regulatory charges
        - Reviews Money Mart and Rentcash public filings

    TBD - Dean Schinkel - Deloitte and Touche
    Presenting results of study of the costs of doing business among the
    smallest payday loan operations in Manitoba. Highlights include:

        - Study on the costs of business for small and mid-size payday loan
          operators in Manitoba
    




For further information:

For further information: Duncan Fulton, Mobile: (613) 852-5902,
duncan.fulton@fleishman.ca

Organization Profile

CANADA PAYDAY LOAN ASSOCIATION (CPLA)

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