HAMILTON, ON, Feb. 6, 2013 /CNW/ - The Canadian Payday Loan Association (CPLA)
The Canadian Payday Loan Association (CPLA) has been contacted by numerous media outlets regarding news stories indicating that the Registrar for Payday Loans in Ontario has issued a proposal to revoke the payday lending licenses of the Cash Store Inc. and Instaloans Inc.
It is not the policy of the CPLA to comment on matters involving any non-members of the CPLA.
The CPLA has strongly supported and continues to support the steps taken by the Province of Ontario to protect consumers through enactment of legislation to license and regulate payday lenders and set maximum rates. A payday loan is an important credit option used by many Ontario residents. Delivery of this product in a fair and responsible manner is essential.We believe that diligent inspection and enforcement of regulation is a necessary component to ensure Ontario's payday loan legislation is effective in protecting consumers and we applaud and support their efforts to do so. Today's statement by Consumer Services Minister Best reflects the Government's continued commitment to consumer protection in the Province of Ontario. The Canadian Payday Loan Association (CPLA) represents the majority of licensed payday lenders in Canada. CPLA works to ensure payday loan companies hold themselves to a higher standard of responsible service and to help customers make informed financial decisions. SOURCE Canadian Payday Loan Association (CPLA)