Payday loan business penalized

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This article was published 28/05/2015 (3254 days ago), so information in it may no longer be current.

The province has handed down $25,000 in administrative penalties under the Consumer Protection Act to a licensed Manitoba payday loan corporation, 3928366 MB Ltd., which operates in Steinbach as The Fast Cash Company and has similar operations in Brandon and Dauphin.

The province says the company failed to maintain complete and accurate collections records in respect to individual payday loans, failed to include the prescribed statement in advertising related to payday loans and accepted a cheque from a borrower not payable to the payday lender, as required by regulations.

Under the act, corporations are subject to an administrative penalty of $5,000 for the first contravention, $10,000 for a second and $20,000 for a third and subsequent contravention.