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ARTICLE · 28 MAY 2021

Significant Changes Proposed To The Criminal Interest Rate

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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.

CanadaCriminal Law
Denise D. Bright
Denise D. Bright
Preet Gill
Preet Gill
David Rotchtin
David Rotchtin
Emmett Larsen
Emmett Larsen
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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 section 347(2) and repeal section 347.1 which provides exemptions from the criminal interest restrictions in certain limited circumstances.

The Existing Criminal Interest Framework—Section 347

Section 347(1) makes it an offence to enter "into an agreement or arrangement to receive interest at a criminal rate, or receive[s] a payment or partial payment of interest at a criminal rate." Currently, the criminal rate is interest at an annual rate in excess of 60 percent.

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