Cash Store Financial Services Incorporated fined $27,500, must refund customers

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How many Peace Region customers stand to benefit from the ruling isn’t known but the newspaper says a Consumer Protection B.C. spokesman has put at roughly 68 thousand the number of loans issued across the province in that time period. 

The newspaper says as a result the company must refund fees charged for cash cards between November first of 2009 and March 23rd of 2012. 

The provincial government introduced payday loan regulations in November of 2009, and a year later Cash Store was ordered to stop charging the fees in question and refund the collected funds. 

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It now has 30 days to file an appeal with the BC Appellate Court but it must begin immediately processing the refunds.

 

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