Bill C-606 (Historical)

An Act to amend the Interest Act (prepayment charge)

This bill is from the 41st Parliament, 2nd session, which ended in August 2015.

Sponsor

Laurin Liu  NDP

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

Status

Outside the Order of Precedence (a private member's bill that hasn't yet won the draw that determines which private member's bills can be debated), as of May 29, 2014
(This bill did not become law.)

Summary

This is from the published bill.

This enactment amends the Interest Act in order to set out the maximum charge that a lender can exact for prepayment of a loan secured by a first mortgage or hypothec on property that is used as a family residence.
It also sets out the conditions under which such charges are not allowed.

Similar bills

C-459 (42nd Parliament, 1st session) An Act to amend the Interest Act (prepayment charge)

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Bill numbers are reused for different bills each new session. Perhaps you were looking for one of these other C-606s:

C-606 (2010) An Act to amend the Canada Shipping Act, 2001 (prohibition against the transportation of oil by oil tankers on Canada's Pacific North Coast)

Interest ActRoutine Proceedings

May 29th, 2014 / 10:05 a.m.

NDP

Laurin Liu NDP Rivière-des-Mille-Îles, QC

moved for leave to introduce Bill C-606, An Act to amend the Interest Act (prepayment charge).

Mr. Speaker, it is my pleasure to introduce in the House of Commons today a bill governing penalties charged by banks when a consumer prepays the full amount of a mortgage. I would like to say that this bill is being seconded by the member for Sudbury.

The purpose of this bill is to limit mortgage prepayment penalties to three months' worth of interest and to prohibit banks from charging penalties if the prepayment is made as a result of the sale of a dwelling following a workplace relocation, serious illness or death, separation, or job loss. Currently, consumers are at the mercy of banks, which do their utmost to maximize prepayment charges. These charges can exceed $30,000. Members may recall that this winter the NDP launched a major campaign to make life more affordable for Canadians. We made numerous suggestions aimed at protecting consumers from being exploited by banks, credit card issuers and telecommunications corporations. This bill is part of that agenda.

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