Mr. Speaker, I am pleased to rise, pursuant to Standing Order 36, to present a lengthy petition on behalf of the Borrowers' Action Society from Edmonton, Alberta.
Its members point out that since 1880 Parliament has passed at least six laws banning the charging of loan interest in advance, yet the practice continues. They point out that by compounding or collecting interest before it is due, lenders charge far greater rates of interest than they disclose to borrowers. They also have a whole set of other concerns.
The petitioners call on Parliament to conduct a full inquiry into the relationship between lending institutions and the judiciary and to enact legislation restricting the appointment of judges with ties to credit granting institutions.