Money Mart welcomes Ontario legislation on payday loans
June 10 2008 - 12:35PM
PR Newswire (US)
VICTORIA, June 10 /PRNewswire-FirstCall/ -- National Money Mart
Company, a subsidiary of Dollar Financial Corp (NASDAQ:DLLR) and
Canada's leading convenience financial service provider today
welcomed new legislation passed by the Ontario government that will
balance strong consumer protection with a viable payday loan
industry. Money Mart is a founding member of the Canadian Payday
Loan Association that has been working for several years towards
provincial regulation of the industry. Ontario's new law to
regulate the payday loan industry is similar to recent laws enacted
in British Columbia, Saskatchewan, Manitoba, Nova Scotia and New
Brunswick. The province of Alberta is also expected to move forward
on legislation in the coming months. Provinces are taking advantage
of changes to Canada's Criminal Code in May 2007 that allow
provinces - for the first time - to regulate the payday loan by
passing consumer protection legislation and setting maximum
allowable fees for payday loans. "Money Mart is the industry leader
in consumer protection and providing low cost payday loans in
Canada," said Syd Franchuk, Chairman of National Money Mart. "We
welcome this important legislation and share the Government of
Ontario's commitment to balancing consumer protection with a viable
industry that will continue to provide this important financial
service at a reasonable rate." Money Mart will continue to support
the Canadian Payday Loan Association as it works closely with the
government of Ontario to establish reasonable regulations and
maximum allowable fees. About Dollar Financial Corp Dollar
Financial Corp is a leading international financial services
company serving 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, Western Union money order and money
transfer products, reloadable VISA(R) and MasterCard(R) branded
debit cards, electronic tax filing, bill payment services, and
legal document processing services. At March 31, 2008, the
Company's global store network consisted of 1,454 stores, including
1,111 company-operated financial services stores and 343 franchised
and agent locations in 32 states, Canada 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. The Company's financial products and services,
principally check cashing and short-term consumer loan programs,
provide immediate access to cash for living expenses or other
needs. For more information, please visit the Company's website at
http://www.dfg.com/. Forward Looking Statement This news release
contains forward looking statements, including statements regarding
the following: the Company's future results, growth, guidance and
operating strategy; the global economy; the developing regulatory
environment in Canada and the United States; the impact of future
development strategy, new stores and acquisitions; and of the
performance of new products and services. These forward looking
statements involve risks and uncertainties, including uncertainties
related to the effects of changes in the value of the U.S. dollar
compared to foreign currencies, risks related to the regulatory
environment, current and potential future litigation, the
integration and performance of acquired stores, the performance of
new stores, the implementation and results of restructuring
initiatives, the impact of debt financing transactions, the results
of certain ongoing income tax appeals, and the effects of new
products and services on the Company's business, results of
operations, financial condition, prospects and guidance. There can
be no assurance that the Company will attain its expected results,
successfully integrate any of its acquisitions, attain its
published guidance metrics, or that ongoing and potential future
litigation or that the various FDIC, Federal, state, Canadian or
foreign legislative or regulatory activities affecting the Company
or the banks with which the Company does business will not
negatively impact the Company's operations. A more complete
description of these and other risks, uncertainties and assumptions
is included in the Company's filings with the Securities and
Exchange Commission, including those described under the heading
"Risk Factors" in Form S-3 for the Company's Senior Convertible
Note offering filed with the SEC on September 20, 2007 and its
fiscal 2007 annual report on Form-10K. You should not place any
undue reliance on any forward-looking statements. We disclaim any
obligation to update any such factors or to publicly announce
results of any revisions to any of the forward-looking statements
contained herein to reflect future events or developments.
DATASOURCE: Dollar Financial Corp. CONTACT: Dollar Financial Corp.,
Financial Dynamics, Julie Prozeller, (212) 850-5600
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