An Act to amend the Criminal Code (criminal interest rate)
Bill S-239 was a Senate Private Member's Bill amending the Criminal Code (R.S.C. 1985, c. C-46) section 347 (criminal interest rate) to lower the federal criminal-interest-rate cap from 60 percent to 35 percent effective annual rate. Brought after the federal government in 2023 announced it would lower the criminal interest rate from 60 percent to 35 percent EAR through Bill C-47 (Budget Implementation Act 2023, S.C. 2023, c. 26), which came into force on January 1, 2025. Bill S-239 was effectively superseded by C-47. Predatory-lending advocates including Common Cause and ACORN Canada had pushed for the change since 2018.
Status
Quick learn
Would lower the Criminal Code's criminal interest-rate cap from 60 percent to 35 percent. The government delivered the same cut through its 2023 budget bill (in force January 1, 2025), so this Senate bill was overtaken.
Issues this bill touches
- Cost of Living
Senate criminal-interest-rate cap.
Legislative history
- First reading
First reading in the Senate.
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Official source
Read full text on Parliament of Canada