S-239An Act to amend the Criminal Code (criminal interest rate)
Senate public bill, introduced in the Senate on March 1, 2022
- Status
- Defeated at second reading in the Senate
- Sponsor
- Pierrette RinguetteSenator
- Senator
What it does
Lowers the Criminal Code criminal interest rate from 60% to the Bank of Canada’s overnight rate plus 20%.
What it does
- Replaces the Criminal Code definition of “criminal rate” so it applies when the effective annual interest rate is above the Bank of Canada’s overnight rate plus 20%.
- Adds a definition of “Bank of Canada’s overnight rate” as the rate on the day the credit agreement is made or renewed.
- Sets the bill to come into force 60 days after royal assent.
Who it affects
- Lenders
- Borrowers
- Credit providers
- People using high-interest loans
Background
The bill amends section 347(2) of the Criminal Code, which defines the criminal rate of interest.
Where it is
Senate
First reading
Completed.
Second reading
Defeated here. Defeated
Committee
Not reached.
Third reading
Not reached.
House of Commons
First reading
Not reached.
Second reading
Not reached.
Committee
Not reached.
Report stage
Not reached.
Third reading
Not reached.
Royal assent
Royal assent
Not reached.
Introduced by a senator. If the Senate passes it, it goes to the House of Commons, where an MP must agree to sponsor it. How a bill becomes law
How the House voted
No recorded votes yet
Read the source
LEGISinfo status: At second reading in the Senate. Bill data from LEGISinfo, votes from openparliament.ca and the House of Commons. Last updated October 13, 2026.