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OTTAWA, 4 MAY
2007 –
Dr. Colin Carrie, Member of Parliament for Oshawa and
Parliamentary Secretary to the Minister of Industry, today
welcomed the royal assent and coming into force of
Bill C-26, An Act to amend the Criminal Code
(criminal interest rate).
This new law will result in greater consumer protection for
Canadians and the people of Oshawa who use the services of the
payday lending industry.
 “Our
government is committed to consumer protection.
These legislative
changes will protect payday lending customers appropriately,”
said Dr. Carrie. "Bill C-26 will provide the provinces and
territories with the flexibility to regulate the payday lending
industry in a manner that best addresses the realities of their
respective jurisdictions.”
Under Bill
C-26, payday lenders who operate in provinces or territories
with measures in place to protect borrowers who enter into
payday loan agreements will be exempt from section 347 of the
Criminal Code of Canada. This exemption enables the
provinces and territories to set limits on the cost of borrowing
and regulate the business practices of payday lenders within
their jurisdictions.
Dr. Carrie
concluded, "More and more my constituents in Oshawa are making
use of the services of payday lending. With the passage of Bill
C-26, our government has taken the necessary steps to ensure
that this industry can be regulated."
A backgrounder
on payday lending legislative amendments
may be found here. | 
