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Senate Bill

Bill S-239

44th Parl. 1st Sess.
April 20, 2023
An Act to amend the Criminal Code (criminal interest rate)
  • Bill S-239 is an amendment to the Criminal Code in Canada. It aims to reduce the criminal rate of interest from 60% to the Bank of Canada's overnight rate plus 20%. This change would affect the interest rates charged on credit advanced under agreements or arrangements. The amendment will come into force 60 days after receiving royal assent. This bill is designed to protect borrowers by lowering the maximum interest rates that can be charged on loans.
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