moved for leave to introduce Bill C-402, an act to provide for the limitation of interest rates in relation to credit cards issued by financial institutions, companies engaged in retail trade and petroleum companies.
Mr. Speaker, I would remind you that, on numerous occasions, the hon. members of this House have proposed, along the lines of this bill I am introducing today, that there be limits set on the interest rates that major companies, banks and petroleum companies can charge on the credit cards they issue for the convenience of cardholders.
This bill is in the same vein. You will recall that I had made a commitment to my colleagues and to the public to introduce such a bill if the banks did not bring their interest rates down to a more acceptable and reasonable level. I have now done so.
(Motion deemed adopted, bill read the first time and printed.)