Regulatory Update: Criminal Interest Rate – Proposed 35% APR
Proposed Criminal Interest Rate Regulations providing exemptions now published. On December 23, 2023, the federal government published proposed Criminal Interest Regulations which specify certain exemptions to the new criminal interest rate ceiling contained in the Criminal Code. If you recall from previous discussions, the government introduced sweeping changes to the criminal interest provisions, which currently […]
New Federal Consultation on Criminal Interest Rate
The Department of Finance is launching a new consultation on further lowering the criminal rate of interest, the payday lending exemption and other questions related to access to small loans. The federal government announced intended amendments to the Criminal Code in its 2023 Budget to lower the criminal rate of interest from the equivalent of 47 […]