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

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 Dec. 14, 2021

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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.

Criminal CodeRoutine Proceedings

December 14th, 2021 / 10:05 a.m.
See context

NDP

Peter Julian NDP New Westminster—Burnaby, BC

moved for leave to introduce Bill C-213, an act to amend the Criminal Code (criminal interest rate).

Mr. Speaker, it is very important to introduce this long overdue legislation to end predatory lending in Canada.

I would like to thank my seconder, the member of Parliament for Nunavut, who has been a strong advocate for marginalized people, as well as organizations like ACORN across the country that have been pushing back against predatory lending practices.

As members are well aware, legalized interest rates of up to 600% currently exist in Canada. This bill would end the loopholes that allow financial institutions and payday loan lenders to charge 500% or 600% and would cut in half the criminal interest rate that is currently permitted in the Criminal Code. I will provide just one of many examples. My constituent, who I will call Lisa, paid $13,000 in interest charges over a number of years. She struggled to put food on the table and keep a roof over her head for a $700 emergency loan and was unable to pay even one dollar of principal over that period.

Other countries have put in place microcredit, lending circles and co-operative credit. Therefore, for the marginalized populations, who make up 40% of this country and who share no part of the wealth, it is vitally important to end these predatory lending practices.

I hope all members of Parliament will support this long overdue and important legislation.

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