National Money Mart Company, a subsidiary of Dollar Financial Corp
(NASDAQ:DLLR) and Canada's leading convenience financial service
provider, today welcomed news that the Province of Nova Scotia will be
the first in Canada to officially regulate the payday loan industry,
including a maximum rate of borrowing as of August 1, 2009, with a
regime that will balance strong consumer protection with a viable payday
loan industry. Money Mart currently provides payday loans below the
government’s rate cap and is the lowest cost payday loan provider in
Nova Scotia.
Money Mart is a founding member of the Canadian Payday Loan Association
(CPLA) that has been working for five years towards provincial
regulation of the industry.
Nova Scotia’s move to enact viable and balanced industry regulation is
in keeping with similar initiatives underway in British Columbia,
Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick and Prince
Edward Island.
About Dollar Financial Corp
Dollar Financial Corp is a leading diversified international financial
services company serving unbanked and under-banked consumers. Its
customers are typically service sector individuals who require basic
financial services but, for reasons of convenience and accessibility,
purchase some or all of their financial services from the Company rather
than from banks and other financial institutions. To meet the needs of
these customers, the Company provides a range of consumer financial
products and services primarily consisting of check cashing, short-term
consumer loans, secured pawn lending, Western Union money order and
money transfer products, gold buying, currency exchange, reloadable
VISA® and MasterCard® branded debit cards, electronic tax filing, and
bill payment services.
At March 31, 2009, the Company’s global store network consisted of 1,264
stores, including 1,078 company-operated financial services stores and
186 franchised and agent locations in the United States, Canada,
Republic of Ireland and the United Kingdom. The financial services store
network is the largest network of its kind in each of Canada and the
United Kingdom and the second-largest network of its kind in the United
States. The Company’s customers, many of whom receive income on an
irregular basis or from multiple employers, are drawn to the convenient
neighborhood locations, extended operating hours and high-quality
customer service, as well as the convenience of accessing consumer loans
over the internet.
