Skip to main content
;

Bill S-239

If you have any questions or comments regarding the accessibility of this publication, please contact us at accessible@parl.gc.ca.

Skip to Document Navigation Skip to Document Content

First Session, Forty-fourth Parliament,

70-71 Elizabeth II, 2021-2022

SENATE OF CANADA

BILL S-239
An Act to amend the Criminal Code (criminal interest rate)

FIRST READING, March 1, 2022

THE HONOURABLE SENATOR Ringuette

4411017


SUMMARY

This enactment amends the Criminal Code to reduce the criminal rate of interest from sixty per cent to the Bank of Canada’s overnight rate plus twenty per cent.

Available on the Senate of Canada website at the following address:
www.sencanada.ca/en


1st Session, 44th Parliament,

70-71 Elizabeth II, 2021-2022

SENATE OF CANADA

BILL S-239

An Act to amend the Criminal Code (criminal interest rate)

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

R.‍S.‍, c. C-46

Criminal Code

1(1)The definition criminal rate in subsection 347(2) of the Criminal Code is replaced by the following:

criminal rate means an effective annual rate of interest calculated in accordance with generally accepted actuarial practices and principles that exceeds Insertion start the Bank of Canada’s overnight rate plus twenty per cent Insertion end on the credit advanced under an agreement or arrangement; (taux criminel)

(2)Subsection 347(2) of the Act is amended by adding the following in alphabetical order:

Start of inserted block

Bank of Canada’s overnight rate, in relation to credit advanced, means the Bank of Canada’s overnight rate on the day on which the agreement or arrangement under which the credit is or is to be advanced is entered into or renewed; (taux de financement à un jour de la Banque du Canada)

End of inserted block

Coming into Force

Sixty days after royal assent

2This Act comes into force 60 days after the day on which it receives royal assent.

Published under authority of the Senate of Canada



EXPLANATORY NOTES

Criminal Code
Clause 1: (1)Existing text of the definition:

criminal rate means an effective annual rate of interest calculated in accordance with generally accepted actuarial practices and principles that exceeds sixty per cent on the credit advanced under an agreement or arrangement; (taux criminel)

(2)New.

Publication Explorer
Publication Explorer
ParlVU