An Act to amend the Bank Act and other Acts (cost of borrowing for credit cards)

This bill was last introduced in the 40th Parliament, 3rd Session, which ended in March 2011.

This bill was previously introduced in the 40th Parliament, 2nd Session.

Sponsor

Glenn Thibeault  NDP

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

Status

Introduced, as of June 18, 2009
(This bill did not become law.)

Summary

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

This enactment amends the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act and the Trust and Loan Companies Act to set the maximum rate that may be charged for the cost of borrowing in respect of credit cards.

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.

Bank ActRoutine Proceedings

June 18th, 2009 / 10:10 a.m.
See context

NDP

Glenn Thibeault NDP Sudbury, ON

moved for leave to introduce Bill C-426, An Act to amend the Bank Act and other Acts (cost of borrowing for credit cards).

Mr. Speaker, I am pleased to rise in the House today, seconded by my colleague from Thunder Bay—Rainy River, to introduce a bill that would provide relief to thousands of Canadians across the country who are being gouged in this economic recession by huge credit card interest rates.

This bill, entitled An Act to amend the Bank Act and other Acts (cost of borrowing for credit cards), would amend the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act and the Trust and Loan Companies Act, to set the maximum rate that may be charged for the cost of borrowing in respect of credit cards, by no more than 5% of the current Bank of Canada target for the overnight rate.

The purpose of the bill is to finally bring some relief to the thousands of Canadians who are suffering from huge debt loads. We believe this rate to be fair and transparent, and it would allow companies to make a profit and stop consumers from being gouged.

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