An Act to amend the Criminal Code (criminal interest rate)

Sponsor

Peter Julian  NDP

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

Status

Introduced, as of March 11, 2021

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Summary

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

This enactment amends the Criminal Code to lower the threshold at which an interest rate becomes a criminal rate and to include, in the calculation of the interest rate, the charges paid by a person to obtain insurance coverage.

It also repeals section 347.‍1 of that Act respecting payday loan agreements.

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.

Criminal CodeRoutine Proceedings

March 11th, 2021 / 10:35 a.m.
See context

NDP

Peter Julian NDP New Westminster—Burnaby, BC

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)