Money Mart
Encyclopedia
Money Mart is a Canadian payday loan
and cheque-cashing company. It was founded in Edmonton, Alberta in 1982, and grew steadily. It was purchased from the founders in 1996 by Dollar Financial Group
. Money Mart currently owns 412 stores across Canada with an additional 53 franchised stores. The head office is located in Victoria, BC.
. The action alleges that Dollar Financial and Money Mart caused the plaintiffs to pay interest at a criminal rate contrary to section 347 of the Criminal Code of Canada
.
The lawsuit was settled on June 5, 2009, with no admission of wrongdoing from Money Mart. Money Mart agreed to pay approximately $120 million in cash, legal fees, debt releases and transferable transaction credits.
In March of 2010, Money Mart settled a similar lawsuit in British Columbia — MacKinnon v. National Money Mart — for C$24.75 million, consisting of C$12.375 million in cash and C$12.375 million in vouchers.
Payday loan
A payday loan is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card...
and cheque-cashing company. It was founded in Edmonton, Alberta in 1982, and grew steadily. It was purchased from the founders in 1996 by Dollar Financial Group
Dollar Financial Group
Dollar Financial Group, Inc. is a US-based financial services group with over 1000 locations in seven countries. It focusses on low-income or bad-credit consumers, providing short term loans , pawnbroking and gold buying services...
. Money Mart currently owns 412 stores across Canada with an additional 53 franchised stores. The head office is located in Victoria, BC.
Lawsuits
On Dec. 23, 2003, a $515 million Ontario class action lawsuit was started against Money Mart by Margaret Smith of Windsor, OntarioWindsor, Ontario
Windsor is the southernmost city in Canada and is located in Southwestern Ontario at the western end of the heavily populated Quebec City – Windsor Corridor. It is within Essex County, Ontario, although administratively separated from the county government. Separated by the Detroit River, Windsor...
. The action alleges that Dollar Financial and Money Mart caused the plaintiffs to pay interest at a criminal rate contrary to section 347 of the Criminal Code of Canada
Criminal Code of Canada
The Criminal Code or Code criminel is a law that codifies most criminal offences and procedures in Canada. Its official long title is "An Act respecting the criminal law"...
.
The lawsuit was settled on June 5, 2009, with no admission of wrongdoing from Money Mart. Money Mart agreed to pay approximately $120 million in cash, legal fees, debt releases and transferable transaction credits.
In March of 2010, Money Mart settled a similar lawsuit in British Columbia — MacKinnon v. National Money Mart — for C$24.75 million, consisting of C$12.375 million in cash and C$12.375 million in vouchers.