BETTER BUSINESS ' BUREAU
of the Mainland of British Columbia

1200-100 WEST PENDER STREET, VANCOUVER, B.C., V6B 183 "PHONE 682-2711

VINCENT E. FORBES
Executive Vice President July 9, 1976
. . : ; °

City of Port Coquitlam,
City Hall, ;
2272 McAllister,

Port Coquitlam, B.C.

Dear Sir,

Re: Income Tax Discounters,
Tax Refund Buyers

On June 22, 1976 City of Vancouver passed
By-law concerning tne above, photocopy ‘of which is
enclosed.

The Better Business Bureau have long felt that
such action was necessary. as the amounts charged as
commission for performing this service are in most cases,
extremely high. Two years ago an accountant advised us
that in one particular situation the amount charged, .
converted to an annual interest rate, worked out to
25 474% 5

; If previous experience is any indication, the
tax buyers will leave the City of Vancouver and concen-
trate in the other municipalities surrounding Vancouver.
This Bureau respectfully requests that your council gives
serious consideration to a similar by-law. It. should be
pointed out that there is no Provincial legislation
restricting the activities of the tax buyers. There is
some suggestion that something may be under consideration
in Ottawa but this could be sometine in coming.

Yours very trul

Vincent E. Ports aa
Executive Vice- Prosident.

VEP/als. Encl.

Defender of the Rights of Business and the Consumer -