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

Stocks in this article: CSFS

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.

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