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ARTICLE · 16 JANUARY 2024

Criminal Interest Rate Regulations Published For Consultation

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On December 23, 2023, the federal government published draft regulations that propose important exemptions from the application of the criminal rate of interest cap...

CanadaFinance and Banking
Joyce Bernasek
Joyce Bernasek
Elizabeth Sale
Elizabeth Sale
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On December 23, 2023, the federal government published draft regulations that propose important exemptions from the application of the criminal rate of interest cap as set out in section 347 of the Criminal Code.

As we previously reported, on April 20, 2023, the federal government introduced amendments to the criminal rate of interest provisions in Bill C-47, the Budget Implementation Act, 2023, No. 1. These amendments changed the definition of "criminal rate" in the Criminal Code from an effective annual rate of interest that exceeds 60% to an annual percentage rate (APR) that exceeds 35%, meaning that both the method of calculation and the interest rate cap were changed.

The proposed amendments to the criminal rate of interest represent a significant change and have been widely followed by market participants. In addition, the amendments introduced a new section (347.01) that authorizes the Governor in Council to make exemptions from the application of section

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