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Ontario takes action against payday lender

Feb. 6, 2013 at 1:33 PM   |   Comments

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.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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