Mr. Speaker, I am pleased to participate in the debate on Bill C-26. It is an act to amend the Criminal Code (criminal interest rate). We refer to it as the payday loans.
I want to give a little background, which I found very interesting. The payday lending industry is a growth industry in Canada. It was virtually non-existent until 1994. The payday lending industry is believed to have grown to more than 1,300 outlets. Canada's new government, the so-called—