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

This bill is from the 44th Parliament, 1st session, which ended in January 2025.

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
(This bill did not become law.)

Summary

This is from the published bill.

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, which relates to payday loan agreements.

Similar bills

C-274 (43rd Parliament, 2nd session) An Act to amend the Criminal Code (criminal interest rate)
C-361 (38th Parliament, 1st session) An Act to amend the Criminal Code (criminal interest rate)

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from 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-213s:

C-213 (2025) An Act to amend the Immigration and Refugee Protection Act (cessation of refugee protection)
C-213 (2020) Canada Pharmacare Act
C-213 (2020) Canada Pharmacare Act
C-213 (2016) An Act to amend the Canada Elections Act (voting age)

Financial Statement of Minister of FinanceThe BudgetGovernment Orders

April 19th, 2023 / 4:50 p.m.


See context

NDP

Matthew Green NDP Hamilton Centre, ON

Mr. Speaker, as a former city councillor, I was the first one in the province of Ontario to take on payday loans. I heard the hon. member mention the predatory practice of payday loan. At that point in time, it was a provincial Liberal government that was paying lip service to any kind of meaningful reform, yet in this budget, the remedies the Liberals have for payday loans are once again lip service.

The Liberals would go to the industry and ask it to lower the rates, while the hon. member for New Westminster—Burnaby has Bill C-213, a bill that is ready to go. It is a real, meaningful bill that would include amending the Criminal Code to lower the maximum legal interest rate from 60% to 30% and that would include the calculation of the interest rate within the overall charges for these payday loans.

Why is it that, when the Liberal government has the power and the opportunity and the willing partners in the NDP to make true reforms to the predatory usury and the loan sharking that are payday loans, it refuses to do it? Is it because the past association president was Stan Keyes, the former Liberal?