Loan shop fined for violations
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.