moved for leave to introduce Bill C-420, an act to amend the Bank Act, the Insurance Companies Act and the Trust and Loan Companies Act (repayment of a mortgage loan before the maturity of the loan).
Mr. Speaker, I have a short word of explanation with respect to the purpose of this bill. When people sign a mortgage, the language used for the cancellation provision should be easily understood by the majority of Canadians.
People have a right to know exactly what they are getting into, how to get out of it and how much it will cost. A number of people have been asking for legislation of this sort. It is important to the consumers of the country.
(Motions deemed adopted, bill read the first time and printed)