Many residents and consumer protection agencies in my riding have talked to me about interest rates charged on loans, particularly payday loans, and the 60% rate provided for in the Criminal Code, if my recollection is correct. Many people have told me that lending institutions disregard this limit and that the costs associated with many loans easily exceed the 60% ceiling. Is this really a problem? Are you taking any steps to ensure compliance with the legislation? What is the penalty for failing to comply with the Criminal Code? Surely non-compliance results in sanctions of some kind.
On June 7th, 2006. See this statement in context.