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February 13, 2014
05:32 EDTCSFSCourt orders Cash Store prohibited from acting as loan broker without license
Cash Store Financial announced that the Ontario Superior Court of Justice has ordered that Cash Store Financial is prohibited from acting as a loan broker in respect of its basic line of credit product without a broker's license under the Payday Loans Act, 2008. The company's subsidiaries have already applied for licenses under the Payday Loans Act in anticipation of changes in regulatory requirements. In February 2013, the company began brokering the basic line of credit as part of a wider initiative to offer a risk-based suite of line of credit products allowing customers to build credit and gain access to less costly funding. On June 7, 2013, an application was commenced in the Ontario Superior Court of Justice pursuant to section 54(1) of the Payday Loans Act seeking a declaration that the basic line of credit constitutes a payday loan under subsection 1(1) of the Payday Loans Act. The application was heard on November 29, 2013 and the decision was delivered. As part of its overall business strategy, the current regulatory environment and the decision, the company has taken the steps necessary to immediately cease offering all line of credit products offered to its customers in Ontario branches.
News For CSFS From The Last 14 Days
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October 15, 2014
18:19 EDTCSFSCash Store Financial transaction receives court approval
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05:17 EDTCSFSCash Store Financial seeks court approval to comply with production demand
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