The offences include operating without a licence and obstructing an inspection.
$9,500 in administrative penalties will have to be paid for those violations, and a number of consumers will be refunded a total of $4,358.
“We take all unlicensed activity and obstruction of an inspection seriously,” says Manjit Bains, VP of Corporate Relations at Consumer Protection B.C. “I encourage any consumer who has knowledge of a payday lender operating without a licence to contact us.”
Payday loans are regulated by law in a number of ways, including how much is charged for a loan, how long the repayment periods are and consumers must be given loan documents so they are know their rights before entering into a payday loan.