MPP Jim McDonell Comments on Cash Store License Revocation

February 6, 2013

CORNWALL – Stormont-Dundas-South Glengarry MPP Jim McDonell, PC critic for Consumer Services is following the developing controversy surrounding Cash Store Financial.

MPP McDonell commented: “The payday lending industry serves many Ontarians that feel financial strain. In such situations, a consumer is under extreme pressure. This is why we require very clear laws, a concerted effort to educate consumers before they choose to take out a payday loan and strong protection when required. This matter makes us wonder whether the Liberal Government has taken its duty to protect and educate consumers seriously. As we await further details, it appears the company was known to the Consumer Protection Branch for a long time. In that case, had the Government focused on protecting consumers, they would have acted sooner. I will work with both stakeholder and consumer representatives to identify any deficiencies in the laws, their enforcement and consumer education programs. Strong protection, clear regulations and savvy consumers are a cornerstone of a healthy economy.”