Manitoba Tourism, Culture, Heritage, Sport and Consumer Protection advises a licensed Manitoba payday loan corporation with locations in Brandon, Steinbach and Dauphin has been assessed five separate administrative penalties totaling $25,000 by Manitoba’s Consumer Protection Office.
As a result of inspections and the investigation of consumer complaints, 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.
The Public Utilities Board filed its Report on Payday Loans in Manitoba with Minister Jim Rondeau, the Minister responsible for The Consumer Protection Act and The Public Utilities Board Act.
The Manitoba Consumer Protection Office is notifying consumers that The Cash Store Inc. and Instaloans Inc. have advised they will no longer be issuing payday loans in Manitoba but will offer other credit products to their customers.
The Manitoba Consumer Protection Office is cautioning consumers to beware of internet payday loans offered by Loansalberta Inc., as this company is not licensed under the Consumer Protection Act to offer, arrange or provide payday loans to Manitobans.
The Manitoba Consumer Protection Office is cautioning consumers to beware of Internet payday loans that cost more than the allowable rate under Manitoba’s Consumer Protection Act and regulations.
The Manitoba government is moving forward with measures to better protect Manitoba consumers by proclaiming significant payday loan legislation provisions and committing to introducing legislation that would regulate interest rates, Finance Minister Greg Selinger announced.
