C-213An Act to amend the Criminal Code (criminal interest rate)
Private member's bill, introduced in the House of Commons on December 14, 2021
- Status
- At second reading in the House of Commons since December 14, 2021
What it does
Lowers the Criminal Code threshold for criminal interest rates and counts insurance charges in the interest calculation, while repealing the payday loan section.
What it does
- Raises the point at which an interest rate becomes criminal, from 35 percentage points above the Bank of Canada overnight rate to 30 percentage points above it.
- Adds insurance charges and other similar charges to the definition of interest when calculating the rate on credit.
- Keeps other charges and expenses in the interest calculation, even if they are called fees, fines, penalties, commissions or similar charges.
- Repeals section 347.1 of the Criminal Code, which deals with payday loan agreements.
Who it affects
- Borrowers
- Lenders
- Payday loan businesses
Background
The bill amends the Criminal Code rules on criminal rates of interest.
Where it is
House of Commons
First reading
Completed.
Second reading
Current stage. Now here
Committee
Not reached.
Report stage
Not reached.
Third reading
Not reached.
Senate
First reading
Not reached.
Second reading
Not reached.
Committee
Not reached.
Third reading
Not reached.
Royal assent
Royal assent
Not reached.
Introduced by an MP who is not a minister. These bills compete in a lottery for debate time, and most do not become law. How a bill becomes law
How the House voted
No recorded votes yet
What MPs said
Each party’s first speech on this bill in the House, from Hansard. Excerpts are the speaker’s opening sentences, unedited.
NDPPeter Julian· December 14, 2021
“Moved for leave to introduce Bill C-213, An Act to amend the Criminal Code (criminal interest rate). It is very important to introduce this long overdue legislation to end predatory lending in Canada.”
Read the full speech on openparliament.ca
Read the source
LEGISinfo status: Outside the Order of Precedence. Bill data from LEGISinfo, votes from openparliament.ca and the House of Commons. Last updated October 13, 2026.