More on Manitoba Payday Loan Ruling

BACKGROUND: Manitoba Decision Being Contested, Payday Loan Legislation Could Be Delayed, Judge's Initial Comment on Payday Loan Appeal

Yesterday I posted the first bit of news on the Manitoba Court of Appeal's payday loan ruling. Today the media has served up a bit more information and some comments from the province. I have provided some links above to previous posts on this topic, but the long and the short of it is that The Cash Store Financial Services is challenging the Manitoba Public Utility Board's ruling on maximum allowable rates for payday loans in that province. After several months of deliberation, justice Alan MacInnis has agreed to grant an appeal and a temporary stay of the PUB ruling while the appeal is heard. Unfortunately, this will delay the implementation of payday loan regulations in Manitoba. On the positive side, it will reopen the possibility of a maximum allowable rate that will enable a viable and competitive market to exist (see: problems with the PUB payday loan decision). While the delay is unfortunate, a competitive industry is in the best interest of everyone and should have always been the desired outcome.