Micro Credit Act

An Act to facilitate micro credit for self-sufficiency

This bill was last introduced in the 37th Parliament, 1st Session, which ended in September 2002.

Sponsor

Jean Augustine  Liberal

Introduced as a private member’s bill. (These don’t often become law.)

Status

Not active, as of June 12, 2001
(This bill did not become law.)

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Micro Credit ActRoutine Proceedings

June 12th, 2001 / 10:15 a.m.
See context

Liberal

Jean Augustine Liberal Etobicoke—Lakeshore, ON

moved for leave to introduce Bill C-385, an act to facilitate micro credit for self-sufficiency.

Mr. Speaker, I am pleased to present this private member's bill.

The purpose of the bill is to encourage a greater availability of banking and other financial services to those with low or unstable incomes, and to increase the availability of credit in small amounts, up to $5,000, for small entrepreneurial enterprises.

The bill calls for an annual report to be published by the Minister of Finance showing the progress in improving micro credit by the financial institutions that agree to participate. The institutions that attain a certain level of activity could describe themselves as being recognized by the government as micro credit specialists.

This enactment would affect directly low income people for the purpose of increasing their ability to generate income. These small loans, made at a reasonable and commercially viable rate of interest, would enable them to start or expand their own businesses and to work their way out of poverty with dignity.

(Motions deemed adopted, bill read the first time and printed)