The Supreme Court of British Columbia has upheld Consumer Protection BC’s compliance orders against Cash Store Financial Inc. requiring the company to comply with the law and refund over $1 million to consumers.
Consumers who took out an estimated 68,000 payday loans between November 1, 2009 and March 23, 2012 from The Cash Store and Instaloans, both operated by Cash Store Financial Inc., may be eligible to receive refunds for illegal fees charged for cash cards. The refund process was to begin in late 2012 but Cash Store Financial Inc. applied for a judicial review of Consumer Protection BC’s orders.
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Pending the judicial review process, the court had ordered Cash Store to secure the refund amount of more than $1 million in the event the orders were upheld. Consumer Protection BC is now expecting Cash Store to begin the refund process as outlined in the supplemental order, effective immediately.
Cash Store Financial Inc. has the right to file an appeal with the BC Court of Appeal within 30 days of today’s decision.