The bottom line is that B.C.'s legislation does not strike a proper balance between consumer protection and fostering a competitive lending environment. In fact, the Bill as presently drafted is bad for consumers, as it will restrict the range of product offerings available to them.
Gordon J. Reykdal, Chairman and CEO, Rentcash

Canadian payday loan provider Rentcash applauded the Government of British Columbia for its decision not to advance Bill 27 - the Payday Loan Act - before the close of the province's legislative session.

"Many operators in B.C.'s payday loan industry - including Rentcash - were disappointed with several features of Bill 27 about which they were not consulted prior to introduction of the Bill," said Gordon J. Reykdal. "The government now has the time to consult directly with industry operators and should amend the Bill based on their input."

Added Mr. Reykdal, "There is significant precedent within Canada's federal and provincial legislatures for broad stakeholder consultations following first reading of a Bill. The government of B.C. should act on this precedent and reach out to all stakeholders before advancing Bill 27 in the next legislative session."

"The bottom line is that B.C.'s legislation does not strike a proper balance between consumer protection and fostering a competitive lending environment," said Mr. Reykdal. "In fact, the Bill as presently drafted is bad for consumers, as it will restrict the range of product offerings available to them."

Rentcash perates 62 payday advance outlets in British Columbia under The Cash Store and Instaloans banners. The company is a leading advocate of consumer protection measures for the payday advance industry and was one of the first companies in Canada to completely eliminate rollovers from its product mix.