VICTORIA, BC, Jan. 31, 2014 /CNW/ - The Supreme Court of British
Columbia has upheld Consumer Protection BC's Compliance Orders against
Cash Store Financial Inc. requiring the company to comply with the law
and refund over $1 million to consumers.
Consumers who took out an estimated 68,000 payday loans between November
1, 2009 and March 23, 2012 from The Cash Store and Instaloans, both
operated by Cash Store Financial Inc., may be eligible to receive
refunds for illegal fees charged for cash cards. The refund process was
to begin in late 2012 but Cash Store Financial Inc. applied for a
judicial review of Consumer Protection BC's orders.
"This ruling from the Supreme Court of BC is very significant for both
consumers and the payday lending industry," said Manjit Bains, vice
president corporate relations, Consumer Protection BC. "Consumers have
waited long enough and it's time for Cash Store to refund their money."
Pending the judicial review process, the Court had ordered Cash Store to
secure the refund amount of more than $1 million in the event the
orders were upheld. Consumer Protection BC is now expecting Cash Store
to begin the refund process as outlined in the supplemental order,
"We want that $1 million to be back in the wallets of those who were
overcharged," said Bains. "Consumer Protection BC will work to ensure
that all consumers, who are eligible for refunds receive complete and
accurate refunds quickly."
A copy of the court's judgment will be available on the Supreme Court of British Columbia website. Cash Store Financial Inc. has the right to file an appeal with the BC
Court of Appeal within 30 days of today's decision.
All recent Consumer Protection BC enforcement actions are published on our corporate website. A backgrounder on payday lending BC, a visual summary of the refund process as well as additional information for consumers and businesses can be
found on Consumer Protection BC's payday lending website at www.paydayloanrightsbc.ca. Consumers may also contact the Consumer Protection BC Inquiry Centre
by calling 1-888-564-9963 (toll free) or by emailing firstname.lastname@example.org. Consumer Protection BC is a not-for-profit corporation whose vision is
confident consumers and trusted businesses in a thriving marketplace.
We enforce consumer protection laws and strengthen consumer protection
in BC by licensing and inspecting specific industries, responding to
consumer questions, investigating alleged violations of consumer
protection laws and educating consumers and businesses about their
rights and responsibilities. For more information about our
organization, please visit our corporate website at www.consumerprotectionbc.ca. You can also follow Consumer Protection BC on Twitter @ConsumerProBC, like us on Facebook and read our blog for valuable consumer tips and resources.
SOURCE: Consumer Protection BC
For further information:
Media Contact Only:
Manager of Corporate Communications
1-888-564-9963 ext. 2802
Toll Free: 1-888-564-9963