meta_id 3152020

On May 13, 2026, the Office of the Consumer Protection (Office de la protection du consommateur) announced the revocation of money lender licences held by Groupe Speedy inc., Groupe C2G inc., and Mypayroll inc. The Office's delegated president determined that these merchants could not ensure honest and competent conduct of their activities in the public interest. The revocation decisions were rendered on March 10 and March 13, 2026. The companies, operating through the website speedypayloan.ca, were controlled by ultimate beneficial owners Jean-Maxime Nicolo (Groupe Speedy inc.) and Nicolo and Mathieu Travieso-Culurides (Groupe C2G inc. and Mypayroll inc.). Investigations by the Office's delegated president established that these enterprises and their ultimate beneficial owners participated in a scheme involving the lending of money at criminal and abusive interest rates. Under Quebec's Consumer Protection Act (Loi sur la protection du consommateur), money lenders must hold a licence issued by the Office. The act imposes specific requirements on money lenders, including mandatory disclosure of credit rates with all calculation elements included in loan contracts. Consumers retain the right to cancel loans within two days of receiving their contract copy. Money lenders must assess consumers' repayment capacity; failure to do so may result in loss of contractual credit fees. High-cost credit contracts—defined as those exceeding the Bank of Canada's official discount rate by more than 22 percentage points—require additional specific licensing. For such contracts, the consumer cancellation period extends to 10 days. If a consumer's debt-to-income ratio exceeds 45 percent, the consumer's obligation is presumed excessive, enabling potential contract annulment or obligation reduction. The Office continues to monitor compliance with Quebec's consumer protection framework across all credit-related activities.