Loan shop fined for vi­o­la­tions

Penticton Herald - - OKANAGAN SIMILAKEEN - — Her­ald Staff

A pay­day loan shop in Pen­tic­ton has been dinged $1,500 for two vi­o­la­tions of the B.C. Busi­ness Prac­tices and Con­sumer Pro­tec­tion Act.

Cash Cen­tral Fi­nan­cial Ser­vices broke the rules by fail­ing to state the an­nual in­ter­est rate on loan agree­ments and is­su­ing two loans to a bor­rower at the same time, ac­cord­ing to a de­ci­sion pub­lished on Wed­nes­day by Con­sumer Pro­tec­tion B.C.

The $1,500 penalty rep­re­sents re­im­burse­ment of the costs of an in­spec­tion and ad­min­is­tra­tive fees.

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