Anti-money laundering requirements for mortgage lenders
CAPL has met with consultants working for FINTRAC to assist with the roll out of AML requirements for the mortgage services sector, which includes mortgage lenders. In order to understand private mortgage lenders better, the consultants have asked that this survey be completed. Please know that we have explained that private mortgage lenders are not […]
Proposed Exemptions for the Criminal Rate Interest
Recently CAPL proposed four exemptions to the Federal Government which would apply to the new lowered criminal rate of interest. Housing interest prohibitions in the Criminal Code appears to be a result of convenience. On this topic, Senator Pierrette Ringuette has explained that “the Criminal Code is where the law created a limit on interest […]
CAPL comments on the criminal rate of interest.
Read CAPL’s letter concerning proposed changes to the criminal rate of interest. Click here for criminal rate letter
Criminal Interest Rate Prohibition – Exemptions
CAPL has been advised that the Federal Government has tabled Notice of a Ways and Means Motion for Budget 2023 in the House of Commons. Division 34 of Part 4 introduces changes to the Criminal Code to lower the criminal rate of interest to 35% annual percentage rate, as announced in Budget 2023. As part of the Amendments […]