Judge Sides with Payday Loan Company in Manitioba

I have only found one small mention of this in the press so far, but the Manitoba Court of Appeal has sided with The Cash Store and agreed to hear an appeal of the Manitoba Public Utility Board ruling issued early last year.

Here is the brief mention on the CJOB website:

"The Manitoba Court of Appeal has declared payday lenders were unfairly treated by the Public Utilities Board, when it set lending rates. The decision means The Cash Store Financial Services could argue the PUB acted beyond its scope in setting rates.

A decision last year by the Public Utilities Board capped maximum costs of credit at various levels depending on the amount of the loan. It's capped at 17-percent for loans up to 5-hundred dollars.

Loan companies said the lower rates would drive some of them out of business. Justice Allan MacInnes agreed saying in a written decision, a full appeal of the PUB's ruling should be heard. A date has not been set."