A payday lender in Manitoba has been fined by the province for failing to comply with regulations.
3928366 MB Ltd. (operating as The Fast Cash Company, City Cash Co., and Fast Cash Dauphin) operates locations in Brandon, Steinbach and Dauphin.
Manitoba Tourism, Culture, Heritage, Sport and Consumer Protection has assessed the company penalties totalling $25,000 for failing to maintain complete and accurate collections records, failing to include the prescribed statement in advertising related to payday loans, and accepting a cheque from a borrower that is not payable to the payday lender, as required by the regulations.
Five administrative penalties were leveraged against the company on May 6.
Provincial law requires that all payday lenders offering, arranging or providing payday loans to Manitobans be licensed by the Consumer Protection Office and comply with the Manitoba regulatory framework.