News & Analysis as of

Canada Consumer Lenders

Bennett Jones LLP

Canadian Government (Finally) Provides Certainty on Criminal Interest Rates

Bennett Jones LLP on

As we have reported in prior blogs, the Government of Canada is moving forward with plans to lower the criminal interest rate to an annual percentage rate (APR) of 35 percent (the current criminal interest rate, being an...more

Bennett Jones LLP

Government Announces Exemptions to the Proposed Lower Criminal Interest Rate

Bennett Jones LLP on

As we previously reported in April 2023 in our blog, It's Official—Proposed Criminal Interest Rate Amendments Introduced, the Government of Canada is proposing to lower the current criminal rate of interest to 35 percent. At...more

Bennett Jones LLP

It's Official—Proposed Criminal Interest Rate Amendments Introduced

Bennett Jones LLP on

On April 20, 2023, the Canadian government introduced Bill C-47, the Budget Implementation Act, 2023, No. 1 (the Bill), which includes the long awaited proposed amendments to the criminal interest rate....more

Bennett Jones LLP

Canadian Government Announces Intention to Lower Criminal Interest Rate

Bennett Jones LLP on

As discussed in our blog, Government Seeks Feedback on Lowering the Criminal Rate of Interest, the Government of Canada conducted consultations in respect of the criminal interest rate under the Canadian Criminal Code. We...more

Bennett Jones LLP

Attention Mortgage Lenders: The Proceeds Of Crime (Money Laundering) And Terrorist Financing Act May

Bennett Jones LLP on

Non-bank mortgage lending entities would become subject to the anti-money laundering and anti-terrorist financing (AML/ATF) obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the PCMLTFA)...more

Bennett Jones LLP

Government Seeks Feedback on Lowering the Criminal Rate of Interest

Bennett Jones LLP on

The government of Canada is seeking feedback on proposed changes to lower the criminal rate of interest (currently set at 60%), with a focus on high-cost installment loans. The criminal interest rate provisions in the...more

Bennett Jones LLP

An Update on Canada's Efforts to Amend the Criminal Rate of Interest

Bennett Jones LLP on

On March 22, 2022, Bill S-239, An Act to amend the Criminal Code (Criminal Interest Rate) went to second reading at the Senate. The Bill proposes changes to section 347(2) of the Criminal Code which would reduce the current...more

Bennett Jones LLP

Significant Changes Proposed to the Criminal Interest Rate

Bennett Jones LLP on

On May 11, 2021, Bill C-274, An Act to amend the Criminal Code (Criminal Code Interest Rate) received first reading in the House of Commons. The Bill proposes to amend the definitions of "criminal rate" and "interest" under...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

CFTC Comparability Determination on EU Margin Requirements and a Common Approach on Trading Venues - On October 13, 2017, the U.S. Commodity Futures Trading Commission ("CFTC") announced determinations by the CFTC and the...more

Bennett Jones LLP

Government of Ontario Proposes Amendments to Payday Loans Act

Bennett Jones LLP on

Providers of payday loans in Ontario, take notice—the Government of Ontario is seeking input on the implementation of new regulations intended to strengthen consumer protection which will have wide-ranging impacts on the...more

Blake, Cassels & Graydon LLP

“High-Cost Credit” Consumer Lenders Face New Laws in Manitoba

New laws to regulate consumer loans and lines of credit that meet the definition of a “high-cost credit product” will come into effect in Manitoba on September 1, 2016. After this date, a consumer lender who offers, arranges...more

Blake, Cassels & Graydon LLP

Expanding the Meaning of Debt Collector in Ontario?

On June 15, 2015, Ontario’s Ministry of Government and Consumer Services (Ministry) issued a consultation paper, “Strengthening Consumer Financial Protection,” (consultation paper) which, in addition to offering a discussion...more

12 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide