This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cash Store Financial Responds To Press Release Issued By Consumer Protection B.C., May 3, 2012

EDMONTON, May 3, 2012 /CNW/ - Today May 3, 2012, Consumer Protection BC issued a press release alleging that Cash Store Financial (Cash Store) has failed to comply with a ruling from Consumer Protection B.C. The ruling in question was issued March 23, 2012.

According to Consumer Protection BC's press release: "Consumer Protection BC has filed a Notice of Penalty and Compliance Order with The Supreme Court of British Columbia after Cash Store Financial Inc., a Canadian payday lender more commonly known as The Cash Store or Instaloans, failed to meet requirements laid out in their March 23, 2012 compliance order and notice of administrative penalty.

Cash Store Financial was ordered to immediately comply with BC payday lending laws and was given 30 days to pay a $25,000 administrative penalty as well as costs incurred by Consumer Protection BC. Cash Store Financial has failed to comply with this order."

Consumer Protection BC alleges that Cash Store Financial was charging customers more than the maximum legal amount of $23 per $100 on payday loans by allegedly charging additional fees to issue loans on cash cards issued by a third party. Cash Store disagrees.

Cash Store remains firmly of the view that it is not the issuer of Cash Cards and that therefore the Order requiring refunds to certain customers is not legally valid. The Company has yet to determine if it will appeal the decision.

Cash Store has available to it a 60 day period in which, if it chooses, to file an Appeal with the Court.  Until the appeal period has expired or a final decision has been made by the Courts, it is Cash Store's view that payment of any kind is not in the Company's legal interest.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs