moved for leave to introduce Bill C-305, An Act to amend the Bills of Exchange Act (rights of bill holders).
Mr. Speaker, the bill before us today would protect consumers from lawsuits when cheque cashing businesses cash cancelled cheques. Under the current laws, which date back to the 1890s, businesses, such as Money Mart, can successfully sue the issuer of a cheque cashed by a third party even when a stop payment order has been issued.
I have had numerous examples brought to my attention of consumers who have been ripped off by an unsavoury business even when they tried to put a stop payment on a cheque or when problems developed. I am hoping the bill will have broad support from MPs because this is happening in every community because of a very archaic law.
The bill before us would put the onus on businesses to ensure that the cheques they cash have not had a stop payment put on them. It is a consumer protection bill that would save people much grief from dealing with financial organizations that operate in a way that rips off consumers.
(Motions deemed adopted, bill read the first time and printed)