moved for leave to introduce Bill C-274, An Act to amend the Criminal Code (criminal interest rate).
Madam Speaker, I thank my colleague, the member for Rosemont—La Petite-Patrie, for supporting this bill, which puts an end to predatory practices.
As we know, Canadians are struggling to get through this pandemic and often have no choice but to rely on short-term loans. Canadian families looking to get a short-term loan to put food on the table or to deal with an emergency will find they are often subject to interest rates that, on an annualized basis, hit 400% or 500%. As a result, a loan of a few hundred dollars can become a debt burden of thousands of dollars.
This bill would end predatory lending. We have done the work, so we sincerely hope the government will incorporate this legislation into the upcoming budget implementation act.
(Motions deemed adopted, bill read the first time and printed)