CJOB's Richard Cloutier reporting
7/27/2010
The Cash Store Financial has made an application to the Federal Court to stop the Manitoba Government from regulating the payday loan industry.
In documents obtained by CJOB News, the Alberta-based firm contends only Ottawa can set the rules regarding rates charged on those needing the service.
Earlier this year, the Manitoba government announced a maximum charge of $17 per $100 loaned on payday loans and only 30 per cent of a person's net pay - the lowest in the country.
The changes are scheduled to take effect in October.
|