REASONS TO LIGHT A LUMINARY PAGE A3
MISSION TO MEXICO PAGE A13
NEW TRIATHLETE CLUB PAGE A20
OBSERVER QUESNEL - CARIBOO
SINCE 1908
Friday, April 13, 2012
VOL. 98 NO. 64
$ 34
1
www.quesnelobserver.com
includes HST
Early bird This robin was obviously the early bird as it has the worm right where it wants it. Karen Powell photo
Cash stores ordered to pay consumers back AUTUMN MacDONALD Observer Reporter Ordered to pay back “millions� of dollars in fees, The Cash Store and Instaloans, are denying the allegations. But the Consumer Protection BC agency maintains a 2010 investigation concluded Cash Store Financing, which owns both The Cash Store and Instaloans, was charging customers more than the maximum legal amount of $23 per $100 on payday loans by charging additional fees to issue loans on cash cards. The payday lender was issued a compliance order
in November 2010 to stop charging the unlawful fees and refund customers. “Payday loan consumers cannot be charged extra for cash cards, that is the law,� Vice President of Corporate Relations, Consumer Protection BC, Manjit Bains said. “This decision sends a clear message to the industry and to consumers that consumers must never have to pay more than $23 for every $100 borrowed.� Cash Store has been ordered to comply with B.C. payday lending laws and refund consumers who have been charged since
Quesnel Volunteer CITIZEN OF THE YEAR
AWARDS DINNER (Selecting the 2011 Volunteer Citizen of the Year)
Tuesday, April 17, 2012 Doors open 5:30 p.m. • Dinner: 6:30 p.m. Royal Canadian Legion Hall 262 Kinchant St, Quesnel, BC
Reception / No host bar / Awards $ 20.00 per person (GST included) Tickets available at City Hall
November 1, 2009. They have also been ordered to pay a $25,000 administrative penalty as well as costs incurred by Consumer Protection BC. The terms of the settlement is conditioned on each class member submitting a claim. Each of which is entitled to receive a refund of up to 100 per cent of the broker fees they paid plus interest, subject to reductions for legal expenses and repayment of any unpaid loans. Refunds will be paid 50 per cent in cash and 50 per cent in vouchers, redeemable for cash in three years from their issuance or are
redeemable immediately for services from a Cash Store or Instaloans location. To fund the payment of claims, The Cash Store and Instaloans will establish a settlement fund of more than $18.5 million in cash and vouchers. The precise amount of your refund will depend upon the total amount of the claims made against this settlement fund. However, Cash Store Financial disagrees with the order and is considering whether or not to launch an appeal. Adding, in a release, “the quantum associated with any potential
Good day, Quesnel. Thanks for reading — and that includes loyal subscriber W& G. Saugstad! To join the Observer family, please call 250-992-2121 and ask for circulation.
refund would not be significant.� Consumer Protection has vowed to monitor the situation. “Consumers may contact Cash Store to inquire about repayment processes. Their head office may be a good place to start. If they are having issues around a repayment, we invite consumers to contact us. They can call us toll free at 1-888-5649963 or email us at info@ consumerprotectionbc. ca,� Consumer Protection BC manager of public relations Tatiana ChabeauxSmith said. The company reminds
consumers to consider the following when utilizing a payday service: • You cannot be charged more than 23 per cent of the amount you borrowed – no matter what. • You should not be charged for the cost of acquiring a cash card in the context of a payday loan. • Insurance is optional. It’s okay to tell the business that you don’t want insurance. • If you are getting your third loan in two months and you get paid every two weeks, you can pay it back over three pay periods (two pay periods if paid monthly).
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