facebook
twitter
search
search

Ontario takes action against payday lender

Feb. 6, 2013 at 1:33 PM

TORONTO, Feb. 6 (UPI) -- The Ontario Ministry of Consumer Services said it is taking steps to revoke the license of Cash Store Financial Services for charging high fees for loans.

The company is one of Canada's largest payday lenders, operating more than 200 outlets in Ontario alone, the Canadian Broadcasting Corp. reported Wednesday.

The brand names for the business are Intsaloans and The Cash Store.

The ministry said the business is guilty of "several violations" of the Payday Loans Act of 2008, which limits how much payday lenders can charge for loans.

In a statement, the company, which offers a variety of banking services and products, said it had stopped making payday loans in Ontario, so revoking its license to do so in the province would not change its operations. The company, however, requested a hearing on the issue, CBC reported.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Report: Brazil's Petrobras wading dark waters
Reddit CEO Ellen Pao apologizes for firing scandal
Oil markets hammered by Greece, Iran and China
Baker Hughes wins Johan Sverdrup contract
Iran envisions post-sanctions oil era