Mr. Speaker, I thought I was listening intently. If I did, I either misheard what the hon. member said or perhaps he misspoke.
I think the hon. member was complaining about the repayment regime being too strict because repayments had to be made yearly. In fact, the legislation quite explicitly states that repayment is due three years after polling day in the case of a candidate or three years after the leadership contest has concluded, and that is up from eighteen months.
An amendment was proposed that we opposed, but we accepted in the spirit of trying to get the legislation passed. To have a three year repayment regime, by anyone's definition, is more than generous.
Would my hon. colleague to respond that?
My second question deals with a point he made at the outset of his presentation, saying that the legislation would be somewhat restrictive inasmuch as it would penalize those of a lower income bracket by not allowing them to participate in elections or leadership contests, since they would be forced to seek financing from financial institutions.
The first premise that we have to establish is regardless of income levels, if anyone who seeks public office wants to borrow money, he or she should be compelled to repay that money. To suggest that those of lower incomes would not have access because they have to go through a bank and therefore may not be able to get money through a bank loan is simply nonsensical.
Whether it be through a private individual, as is currently the case, or whether it should be to a bank, the intent, surely to goodness, would be that the individual would ultimately repay the money. If individuals from any walk of life, from any income level, are unable to demonstrate their ability to repay a loan, then suggest perhaps they should not be granted that loan.
Would my hon. colleague address those two scenarios?