moved for leave to introduce Bill C-380, an act to amend the Interest Act and an act to amend certain laws relating to financial institutions (mortgage prepayment and consumer disclosure).
Mr. Speaker, it is my pleasure to present this bill in the House today. The purpose of the enactment is to ensure the right to redeem a mortgage by a payment of no more than three months interest penalty or a percentage of the principal outstanding as has been previously agreed to by the parties, even if the term of the mortgage is less than five years. I look forward to a debate on this subject very soon.
(Motions deemed adopted, bill read the first time and printed)