HAMILTON, ON, June 11, 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
Ministry of Consumer Services in Ontario has commenced legal
proceedings against the Cash Store Inc. and Instaloans Inc. to ask the
court to declare that their line of credit product is a payday loan and
subject to the Pay Day Loans Act.
The CPLA strongly supports the regulation and licensing of the payday
loan product and the lenders who offer the product. A payday loan is
an important credit option used by many Ontario residents and delivery
of this product in a fair and responsible manner is essential.
Ontario has shown a leadership role in the inspection and enforcement of
its Payday Loan legislation. We believe that diligent inspection and
enforcement of regulation in every province is a necessary component to
ensure payday loan legislation is effective in protecting consumers.
We applaud and support Ontario's efforts to do so.
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
Cell: (905) 645-4434
Office: (905) 522-2752