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 39th Parliament, 2nd Session, which ended in September 2008.

Sponsor

Pat Martin  NDP

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

Status

Not active, as of Oct. 31, 2007
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

The purpose of this enactment is to establish the position and Office of the Credit Ombudsman, who will be an advocate of the interests of consumers and small businesses in credit matters and who will investigate and report on the provision, by financial institutions, of consumer and small-business credit on the basis of community, industry group and sex of the applicant, in order to ensure equity in the distribution of credit resources.

Financial institutions that fail to improve credit policies and practices on the request of the Credit Ombudsman will be reported to the Minister of Finance, and the report will be referred to the Standing Committee on Finance for investigation.

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

October 31st, 2007 / 3:40 p.m.
See context

NDP

Pat Martin NDP Winnipeg Centre, MB

moved for leave to introduce Bill C-471, 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 am very pleased to introduce this bill to create the office of a credit ombudsman.

Canadians need an advocate in credit matters. Banks have turned their backs on many neighbourhoods and communities. Fringe bankers and payday lenders are robbing Canadians blind with predatory lending practices and exorbitant and illegal interest rates.

The ombudsman would have a mandate to investigate and report on the provision of consumer and small business credit on a community basis by region, by sector, and by gender of the applicant, to make sure that there is equity in access and distribution of credit resources.

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