CONSUMER PROTECTION OFFICE ACTION GUIDES TO REFUNDS FOR MANITOBA PAYDAY BORROWERS

CONSUMER PROTECTION OFFICE ACTION GUIDES TO REFUNDS FOR MANITOBA PAYDAY BORROWERS

The Consumer Protection Office has determined that Cash Store Financial Services Inc., operating as The Cash Store Inc. (Cash Store) and Instaloans Inc. (Instaloans), was in violation of Manitoba’s maximum legal cost of $17 per $100 on payday loans as a result of inspections and the investigation of consumer complaints.

Consequently, any office issued a reimbursement demand to your money Store and Instaloans to reimburse 61 identified borrowers for illegal costs charged, needed or accepted with regards to payday advances in Manitoba throughout the amount of time that money Store and Instaloans held valid payday loan provider licences within the province. The fees that are additional charged in terms of money cards connected with payday advances.

Residents of Manitoba whom obtained a cash advance from money Store or Instaloans between Oct. 18, 2010, and Oct. 17, 2012, and had been charged one more charge for a digital funds transfer or money card might be entitled to a reimbursement associated with loan fee(s). […]

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