Recent enforcement actions details
Case number:
30143
Business:
Cashmart Payday Loan Inc
Does business as:
Cashmart
Individual First Name:
Individual Last Name:
Attached PDFs:
Summary:
Allegations
- charging fees exceeding limits prescribed by regulation for cashing government assistance cheques [sec. 112.13 BPCPA]
- failing to ensure that installment payments in payday loan agreements aligned with borrowers' pay periods [sec. 23(2) Payday Loans Regulation]
Decision Outcome
- The contraventions are confirmed
Actions Taken
- Penalty of $4,500
- Inspection costs of $1,500 ordered reimbursed
- Demand to repay all cheque-cashing fees relating to contravention of sec. 112.13
- Requirement to repay borrowers' payday loan fees in relation to sec. 23(2) PLR violation