An Act to amend the Interest Act (interest payable on repayment of a mortgage loan before maturity)

This bill was last introduced in the 38th Parliament, 1st Session, which ended in November 2005.

Sponsor

Pat Martin  NDP

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

Status

Not active, as of Oct. 29, 2004
(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.

Interest ActRoutine Proceedings

October 29th, 2004 / 12:10 p.m.
See context

NDP

Pat Martin NDP Winnipeg Centre, MB

moved for leave to introduce Bill C-244, an act to amend the Interest Act (interest payable on repayment of a mortgage loan before maturity).

Mr. Speaker, I am very proud to introduce the bill dealing with making amendments to the Interest Act. The purpose of the bill is to provide that a financial institution that makes a mortgage loan of $500,000 or less to a person must allow the person to repay the loan prior to it coming to maturity in return for the payment of interest in lieu of notice as prescribed by regulation.

This would provide relief to many homeowners who may be tied into long term mortgages but are able to pay off the loan earlier. It has come to our attention that it is of great interest to many Canadians who wish this change to the act to be put through.

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