moved for leave to introduce Bill C-244, an act to amend the Interest Act (interest payable on repayment of a mortgage loan before maturity).
Mr. Speaker, I am very proud to introduce the bill dealing with making amendments to the Interest Act. The purpose of the bill is to provide that a financial institution that makes a mortgage loan of $500,000 or less to a person must allow the person to repay the loan prior to it coming to maturity in return for the payment of interest in lieu of notice as prescribed by regulation.
This would provide relief to many homeowners who may be tied into long term mortgages but are able to pay off the loan earlier. It has come to our attention that it is of great interest to many Canadians who wish this change to the act to be put through.
(Motions deemed adopted, bill read the first time and printed)