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ARTICLE · 25 JANUARY 2009

Section 347 Of The Criminal Code And Everyday Commercial Transactions

Aird & Berlis LLP
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The recent decision of the Ontario Superior Court of Justice in Peter De Wolf v. Bell ExpressVu Inc. and Bell ExpressVu L.P. ("ExpressVu") adds to the growing number of class action judgments that illustrate the problematic provisions of section 347 of the Criminal Code, which enshrines a 60% annual interest limit to anyone who enters into an agreement to advance credit.

CanadaCorporate/Commercial Law
Aaron Collins
Aaron Collins
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The recent decision of the Ontario Superior Court of Justice in Peter De Wolf v. Bell ExpressVu Inc. and Bell ExpressVu L.P.1 ("ExpressVu") adds to the growing number of class action judgments that illustrate the problematic provisions of section 347 of the Criminal Code, which enshrines a 60% annual interest limit to anyone who enters into an agreement to advance credit. There is no flexibility in the application of section 347, and the definition of what is considered "interest" is exceedingly broad. This combination means that section 347 applies to all transactions, whether personal or commercial.2 As a result, a Criminal Code provision designed to protect people from being victimized by unscrupulous lenders is also detrimental to many everyday commercial transactions. ExpressVu nicely illustrates why section 347 is a terribly blunt instrument with which to govern everyday commercial transactions.3

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