HAMILTON, ON, June 11, 2013 /CNW/ - The Canadian Payday Loan Association (CPLA)
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
Email: [email protected]