EDMONTON, June 1 /CNW/ - Rentcash today applauded the Government of
British Columbia for its decision not to advance Bill 27 - the Payday Loan Act
- before the close of the province's legislative session.
"Many operators in B.C.'s payday loan industry - including Rentcash -
were disappointed with several features of Bill 27 about which they were not
consulted prior to introduction of the Bill," said Gordon J. Reykdal. "The
government now has the time to consult directly with industry operators and
should amend the Bill based on their input."
Added Mr. Reykdal, "There is significant precedent within Canada's
federal and provincial legislatures for broad stakeholder consultations
following first reading of a Bill. The government of B.C. should act on this
precedent and reach out to all stakeholders before advancing Bill 27 in the
next legislative session."
"The bottom line is that B.C.'s legislation does not strike a proper
balance between consumer protection and fostering a competitive lending
environment," said Mr. Reykdal. "In fact, the Bill as presently drafted is bad
for consumers, as it will restrict the range of product offerings available to
Rentcash Inc. operates 62 payday advance outlets in British Columbia
under The Cash Store and Instaloans banners. Rentcash Inc. is publicly traded
on the TSX and is the largest corporately owned network of payday advance
outlets in Canada, with 355 stores in nine provinces and two territories.
Rentcash is a leading advocate of consumer protection measures for the
payday advance industry and was one of the first companies in Canada to
completely eliminate rollovers from its product mix.
Rentcash is the only payday advance broker in Canada publicly traded on
the Toronto Stock Exchange (TSX:RCS). Rentcash operates more than 420 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