Credit Ombudsman Act

An Act to establish the position and Office of the Credit Ombudsman, who shall be an advocate of the interests of consumers and small businesses in credit matters and who shall investigate and report on the provision, by financial institutions, of consumer and small-business credit on a community basis and on an industry basis, in order to ensure equity in the distribution of credit resources

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 May 12, 2005
(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.

Credit Ombudsman ActRoutine Proceedings

May 12th, 2005 / 10:10 a.m.
See context

NDP

Pat Martin NDP Winnipeg Centre, MB

moved for leave to introduce Bill C-389, an act to establish the position and Office of the Credit Ombudsman, who shall be an advocate of the interests of consumers and small businesses in credit matters and who shall investigate and report on the provision, by financial institutions, of consumer and small-business credit on a community basis and on an industry basis, in order to ensure equity in the distribution of credit resources.

Mr. Speaker, I will certainly try to be brief because I know you do not like it when I go on too long, but I was trying to explain the four key elements of my previous bill.

The bill that I have just introduced is an act to establish the office of a credit ombudsman simply because there has been a growing demand for access to credit from people. The greatest evidence of that is the burgeoning growth of the private payday loan operations and Money Marts.

The purpose of the bill is to establish the office of a credit ombudsman to be an advocate for the interests of consumers in all credit matters and to ensure that ordinary Canadians have access to adequate credit when they need it. When the banks really have this obligation and payday loans are having to fill that void, we need an ombudsman to whom Canadians can complain.

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

(Bill C-40. On the Order: Government Orders:)

May 12, 2005--the Minister of Agriculture and Agri-Food--report stage and third reading of Bill C-40, an act to amend the Canada Grain Act and the Canada Transportation Act.