Ontario wants to revoke licence of payday cash stohttps://www.cbc.ca/news/canada/toronto/story/2013/02/05/toronto-cash-payday.html?cmp=rss%26cmp=AFC-I78V04166919
CBC News has learned that the Ontario government is going to try to revoke the licence of Cash Store Financial Services, one of the biggest cash advance stores in the country.
The Ontario Ministry of Consumer Affairs alleges that the company broke Ontario's Payday Loans Act, which limits the fees payday loan companies can charge.
Cash Store Financial Services has 200 outlets in Ontario alone: branded as InstaLoans and The Cash Store.
They operate in 19 different communities in the province.
The Ministry of Consumer Services alleges the company is guilty of "several violations" the Act. It says Cash Store has charged customers interest rates higher than the maximum allowed, or charged prohibited fees.
The ministry is asking a provincial tribunal to revoke the company's licence.