Paul Bennett
“It’s the first class-action, of which there are several out there, in which a decision has been rendered involving the legality of the fees that were charged by a payday-loan company… I think it has significant implications to the other cases that are outstanding. We believe the reasoning in this case will apply to any of the fees that are charged by any of the other payday-loan operators.”
Lawyer Paul Bennett commented on a recent ruling by the Canada Supreme Court…
In the ruling, Canada Supreme Court Justice Brenda Brown ruled that all fees charged by payday lenders are interest and that a payday loan company in Canada was charging “criminal” rates of interest.
Paul Bennet also said:
“The judgment makes it quite clear that fees, however expressed, are to be included in the calculation of interest for the purposes of the Criminal Code.”
Paul Bennett is a lawyer with Hordo & Bennett based in Vancouver.
Source 1: Payday Loan Ruling Could Affect Other Cases (Toronto Star)
Source 2: Payday Loan Company Charging ‘Criminal’ Interest Rate: Court (Fort Frances Times)
Related Post: Justice Brenda Brown
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