An Act to amend the Criminal Code (criminal interest rate)
This bill was last introduced in the 41st Parliament, 2nd Session, which ended in August 2015.
This bill was last introduced in the 41st Parliament, 2nd Session, which ended in August 2015.
In committee (Senate), as of May 29, 2014
(This bill did not become law.)
This is from the published bill. The Library of Parliament often publishes better independent summaries.
This enactment amends the Criminal Code to reduce the criminal rate of interest from sixty per cent to the Bank of Canada’s overnight rate plus twenty per cent on credit advanced for certain purposes, which would include personal, family and household purposes. It maintains the criminal rate at sixty per cent on credit advanced for business or commercial purposes. However, business or commercial agreements under which the credit advanced equals or exceeds one million dollars are exempt from the offence of charging a criminal rate of interest.
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.