Cash Store Financial will request hearing regarding Registrar proposal The Cash Store Financial Services issued the following statement: "On February 4, the Registrar for payday loans in Ontario issued a proposal to revoke the payday lending licenses of the Cash Store and Instaloans. Sections 13(2) and 14(1) of the Payday Loans Act provide that licensees are entitled to a hearing before the License Appeal Tribunal in respect of the Registrar's proposal. The Cash Store and Instaloans will be requesting a hearing. Since September 2011, the Consumer Protection Branch of the Ministry of Consumer Affairs has attempted to force the companies to deliver payday loans in cash, rather than the much safer and efficient electronic methods that they now use. The companies have indicated that they are unwilling to place employees and customers at risk of physical harm. The Consumer Protection Branch of the Ministry of Consumer Affairs has also attempted to prohibit the Cash Store and Instaloans from selling products other than payday loans. The companies have indicated that they are not prepared to accept these onerous restrictions. As a result of the companies' recently announced introduction of its Line of Credit products in Ontario, the Cash Store and Instaloans do not offer payday loans in the province, so the Registrar's proposal to revoke the companies' payday loan licenses is not expected to cause any interruptions to the companies' current operations. The Registrar's proposal to revoke payday loan licenses is not related to the companies' Line of Credit offerings."
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