Legal Ruling In Favour of Payday Loan Companies.

WINNIPEG — A Manitoba legal ruling has given the payday loan industry at least a temporary victory against attempts by the province to cap the rates they charge.
In a decision released Tuesday, the Court of Appeal says that payday lenders were unfairly treated by the Public Utilities Board when it announced the cap last spring.
The decision means The Cash Store Financial Services could argue the PUB acted beyond its scope in setting rates.
Selinger said the province still wants to push ahead with non-rate-related measures to protect consumers until the case is decided by the Court of Appeal. That includes a ‘‘cooling-off’’ period, when a loan is made so a customer can repay the money without paying a high fee, and total, upfront disclosure by quick loan companies of all fees.
The case goes back to last April when the board, after more than 20 days of hearings from all sides, capped the maximum cost of credit at 17 per cent for loans up to $500; 15 per cent for $501 to $1,000; and six per cent for loans between $1,000 and $1,500.

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