EDMONTON, April 19 /CNW/ - The Senate Committee on Banking, Trade and
Commerce yesterday completed second reading of Bill C-26, The Payday Loan Act
and referred it to the full Senate where it is expected to receive third
"Many provinces have been waiting for C-26 so that they can implement
consumer protection measures for the payday loan industry. New rules for the
industry will bring much needed regulatory certainty. This will be beneficial
to both consumers and investors," said Mr. Gordon Reykdal, President, Chairman
Mr. Reykdal applauded the Committee for its due diligence in its
examination of Bill C-26 and, in particular, its published statement that
payday advance regulations must balance consumer protection measures with a
competitive lending environment.
"As provinces move forward with their regulations Rentcash urges them to
be mindful of the committee's guidance in respect of competition. Rates caps
that inappropriately distort the market or limit competition clearly are not
in the public interest. Rentcash will continue to relay this message in its
representations to the provinces."
Rentcash is the only payday advance broker in Canada publicly traded on
the Toronto Stock Exchange (TSX:RCS). Rentcash operates more than 423 stores
across Canada under three banners: The Cash Store, Instaloans and Insta-rent.
The Cash Store and Instaloans act as brokers to facilitate payday advance
services to income-earning consumers and provide two private-label debit
cards, The Cash Store Cash Card(TM) and InstaWorld Debit Card, to those who
may not be able to obtain them from traditional banks.
Insta-rent rents brand-name furniture, appliances, electronics and
computers, with or without an option to purchase. Insta-rent operates
primarily in The Brick and United Furniture Warehouse locations, which are
part of The Brick Group, one of Canada's largest volume retailers of household
furniture, mattresses, appliances and home electronics.
Rentcash employs more than 1,800 associates and is headquartered in
For further information:
For further information: Gordon J. Reykdal, Chairman and Chief Executive
Officer, (780) 408-5118; or Michael J.L. Thompson, Vice President Investor
Relations & Government Affairs, (780) 408-5595, Cell: (613) 371-4093