Saturday, April 28, 2007

British Columbia Payday Loan Association Calls for Hearings

By Paul Rizzo
Payday Loan Writer

The British Columbia Payday Loan Association (BCPLA) called on the provincial government to hear witnesses on Bill 27, the Business Practices and Consumer Protection (Payday Loans) Amendment Act.

BCPLA spokesperson, Kevin Isfeld, criticized government officials for introducing cash advance payday loan legislation without first conducting direct consultations with the industry. The BCPLA represents 24 member companies that comprise 65 percent of operators in the province.

“This legislation contains many elements that are bad for consumers and industry operators, including provisions to regulate third-party service providers and the retroactive application of fines that could put many legitimate operators out of business,” said Mr. Isfeld.

“This government has conducted no direct consultations with BC operators. Our members are angry and concerned,” he added.

The BCPLA is a supporter of consumer protection measures. Its members are committed to legislation that will strike a proper balance between consumer protection and a competitive no fax payday advance lending environment. Bill 27, as written, fails to achieve this balance.

“The BCPLA believes that the government of British Columbia can redress shortfalls in the legislation by conducting committee hearings at which all stakeholders can make their views known. The government can then amend the Act to achieve the required balance,” Mr. Isfeld said.

The BCPLA demands an opportunity to appear as a witness before the legislature.

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