Recent enforcement actions details

Case number: 
31823

Business:
Adwell Financial Services Inc

Does business as:

Individual First Name:

Individual Last Name:

Attached PDFs: 

• Decision
• Administrative Penalty
• Compliance Order

Summary:

Allegations

1. Failure to display a sign visible to borrowers at each place where a payday loan is negotiated, PLR section 13(1)(b) - confirmed.

2. Failure to ensure the sign visible to borrowers immediately on entering the place of business was the correct size, format and included the required information, PLR section 13(2) - confirmed.

3. Failure to ensure the loan repayment was spread over the borrowers next pay periods as required for the third payday loan in a 62-day period, PLR section 23(2) - confirmed.

4. Failure to ensure each payday loan agreement included the APR, BPCPA section 112.06(2)(k) - confirmed.

Decision Outcomes

AMP of $900 for contravention one, $900 for contravention two, and $4,000 for contravention four.

Compliance Order requiring reimbursement of $1,975 to Consumer Protection BC for inspection costs and requirement to produce a report detailing all borrowers who received a third or subsequent loan in a 62-day period during the period of December 9, 2022 and February 18, 2025.