meta_id 3240468

On June 15, 2026, the Quebec Consumer Protection Office announced that Krédit Prêt Inc. pleaded guilty to charges under the Consumer Protection Act (LPC) on December 12, 2025, and March 12, 2026. The company must pay total fines of CAD 12,594. The Consumer Protection Office charged Krédit Prêt Inc. with calculating credit fees at rates higher than permitted by law and imposing "warranty" fees that should have been included in the credit rate calculation. Although the lender advertised an interest rate of 22 percent, the actual credit rate calculated in accordance with legal requirements ranged between 253 percent and 379 percent. The company also acknowledged including contractual penalties of CAD 50 per failed withdrawal attempt in its agreements. The violations occurred in January and February 2023 in Saint-Lin-Laurentides and Longueuil. Krédit Prêt Inc. is headquartered at 1471 Boulevard Jean-Jacques-Bertrand, Cowansville. Under Quebec's Consumer Protection Act, money lenders must hold a permit from the Consumer Protection Office. The act requires specific contract terms, including disclosure of the credit rate with all calculation elements specified. Lenders must also assess consumers' repayment capacity; failure to do so results in loss of contractual credit fees. High-cost credit contracts—those exceeding the Bank of Canada's official discount rate by more than 22 percentage points—require additional specific permits. Lenders offering high-cost credit must calculate consumer debt ratios; ratios exceeding 45 percent create grounds for contract cancellation or obligation reduction. High-cost credit contracts provide consumers a 10-day cancellation period, compared to two days for standard credit agreements.