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The Cash Store Financial Services Inc.
CSFS today
announced that the Ontario has filed an
application to start legal proceedings against the Company in relation
to the Company's Basic line of credit product offering that was
introduced on February 1, 2013.
In February 2013, the Company ceased offering payday loans in Ontario
and 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.
The Company has pending an application for judicial review, seeking a
declaration that certain provisions of the regulations made under the
Ontario Payday Loans Act are void and unenforceable, which application
is scheduled to be heard on October 2, 2013. The new application by
Ontario seeks a declaration that the Basic line of credit is subject to
the Payday Loans Act and that the Company must obtain a broker license
to offer this product, irrespective of the validity of the regulations.
The Company remains committed to maintaining ongoing dialogue with the
Ontario Ministry of Consumer Services
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