moved for leave to introduce Bill C-421, an act to amend the Interest Act (interest payable on repayment of a mortgage loan before maturity).
Mr. Speaker, this issue is something that we have all been lobbied on by real estate people across the country. This bill would amend the Interest Act to make possible mortgage cancellation for mortgages of five years and under. That, of course, would be subject to the payment of a prescribed interest charge.
Mortgages of one year and under would not be included in this amendment to the Interest Act.
(Motions deemed adopted, bill read the first time and printed)