I'd just like to point out that in the bill proposed subsection 405.5(1) starts with the following:
405.5 (1) Except as permitted under this section, no person or entity shall (a) make a loan
So the rate of interest charged is one of the conditions that must be met in order for the loan to be permitted under this section. We are in fact talking about an offence if the financial institution makes out a loan below the rate of interest specified in the act.
Right now it's a fair interest rate. Under the NDP proposal, it would be a minimum set rate of prime plus 1%.