Bill S-210 explained in plain English
An Act to amend the Criminal Code (criminal interest rate)
Federal Parliament bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Parliament of Canada snapshot for 41st Parliament, 2nd Session. MP vote breakdowns appear when the House of Commons publishes a recorded division export for that bill. Senate and House stage details include official debate/sitting links when LEGISinfo publishes them.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
Bill S-210 amends the Criminal Code to lower the criminal interest rate threshold from 60% to the Bank of Canada's overnight rate plus 20% for personal, family, and household credit, while keeping the 60% threshold for business credit and exempting business loans of $1 million or more.
Bill S-210 changes how Canadian criminal law defines when someone is charging an illegal "criminal rate" of interest on borrowed money. Currently, the Criminal Code says charging more than 60% interest per year is a criminal offence, no matter what the money is being used for. This bill would create two different rates: 1. For personal, family, or household borrowing: The criminal rate would be lowered to the Bank of Canada's overnight rate plus 20%. The Bank of Canada's overnight rate changes regularly, so this threshold would move up and down with it. For example, if the overnight rate is 2%, the criminal rate would be 22%. 2. For business or commercial borrowing: The criminal rate would stay at 60%. However, the bill also creates an exception: if a business borrows $1 million or more at one time, the criminal interest rate rules would not apply to that loan at all. The bill would come into force 60 days after it receives royal assent (becomes law).
- Changes the definition of 'criminal rate' in section 347 of the Criminal Code to distinguish between personal/family/household credit and business/commercial credit
- Lowers the criminal interest rate threshold for personal, family, and household credit from a flat 60% to the Bank of Canada's overnight rate plus 20%
- Maintains the criminal interest rate threshold at 60% for business or commercial credit
- Defines 'Bank of Canada's overnight rate' as the rate on the day the credit agreement is entered into or renewed
- Clarifies that 'business or commercial purposes' means credit advanced to profit-seeking organizations or self-employed individuals, and excludes credit for personal, family, or household use
- Exempts business or commercial credit agreements of $1 million or more from the criminal interest rate offence
- Provides that the amendments come into force 60 days after royal assent
- Lenders who charge interest on loans
- Borrowers who take out personal, family, or household credit
- Borrowers who take out business or commercial credit
- Prosecutors and law enforcement who enforce criminal interest rate offences
- Profit-seeking organizations that borrow money
- Self-employed individuals and business owners who borrow for business purposes
- Lenders are prohibited from charging an effective annual interest rate exceeding the Bank of Canada's overnight rate plus 20% on personal, family, or household credit
- Lenders are prohibited from charging an effective annual interest rate exceeding 60% on business or commercial credit, except when the business loan is $1 million or more
- The criminal interest rate is calculated in accordance with generally accepted actuarial practices and principles
- For loans of $1 million or more for business purposes, the criminal interest rate offence does not apply
- The Act comes into force 60 days after the day on which it receives royal assent
- Lenders charging interest on personal, family, or household credit would be subject to a lower criminal interest rate threshold, which may reduce the maximum interest rates they can legally charge
- Lenders charging interest on business or commercial credit would face no change to the 60% threshold, except for loans of $1 million or more which would be exempt from the criminal interest rate rules
- The bill amends the Criminal Code but does not specify new penalties; existing penalties under section 347 of the Criminal Code would apply to violations of the new criminal interest rate thresholds
- The bill does not specify what happens to existing loans made before the bill comes into force; it is unclear whether the new rates apply only to loans made after the effective date
- The bill refers to 'generally accepted actuarial practices and principles' for calculating the effective annual rate but does not detail what these are
- The bill does not specify enforcement mechanisms or who is responsible for determining compliance
- It is unclear how the variable Bank of Canada's overnight rate will be communicated to lenders and borrowers on an ongoing basis
The definition of 'criminal rate' is replaced with a new definition that creates two tiers based on the purpose of the credit. For personal/family/household use, the rate is tied to the Bank of Canada's overnight rate plus 20%. For business/commercial use, the rate remains at 60%. A new definition of 'Bank of Canada's overnight rate' is added. A new subsection (2.1) clarifies what 'business or commercial purposes' means. A new subsection (9) exempts business loans of $1 million or more from the criminal interest rate offence.
Source: Bill S-210, section 1, subsections (1) through (4)
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
Official textParliamentary Process
This record tracks the procedural progress of Bill S-210, starting with its first reading in the Senate in November 2013, and its subsequent referral to committee.
This artifact details the procedural steps for Bill S-210, An Act to amend the Criminal Code (criminal interest rate), specifically its first reading in the Senate on November 20, 2013. It indicates the bill was later referred to a committee and had readings and speeches. The current status is 'At consideration in committee in the Senate'. The artifact also notes a similar bill, S-19, introduced in a previous Parliament.
During a Senate sitting on November 20, 2013, Bill S-210, an Act to amend the Criminal Code (criminal interest rate), was introduced and received first reading.
This document records a Senate sitting on November 20, 2013. During this sitting, Senator Pierrette Ringuette introduced Bill S-210, an Act to amend the Criminal Code concerning the criminal interest rate. The bill was given first reading and placed on the Order Paper for second reading. The sitting also included discussions and statements on various other topics, including the Holodomor, National Child Day, Hockey Canada Week, the National Shipbuilding Procurement Strategy, bullying prevention, and reports from several Senate committees. Several other bills were also discussed, including Bill S-3 concerning the Coastal Fisheries Protection Act and Bill C-394 concerning criminal organization recruitment.
Bill S-210 completed its second reading in the Senate on May 29, 2014, and was referred to committee.
This artifact details the Senate's second reading stage for Bill S-210, An Act to amend the Criminal Code (criminal interest rate). This stage was completed on May 29, 2014, and the bill was then referred to a committee. The record shows speeches were made on various dates between November 2013 and May 2014.
During a Senate sitting on November 26, 2013, the second reading debate for Bill S-210, an Act to amend the Criminal Code (criminal interest rate), was adjourned to a future date, and numerous other parliamentary matters were addressed.
On November 26, 2013, the Senate met. During this sitting, the Senate proceeded with the second reading debate of Bill S-210, an Act to amend the Criminal Code (criminal interest rate). The debate was adjourned, meaning it was paused to be continued at a later time. Several other matters were also discussed and debated in the Senate during this sitting, including reports being tabled, notices of motions, and debates on other bills and issues. The artifact does not contain the full text of Bill S-210, but rather the record of the debate related to its second reading.
The Senate debated various topics and bills on November 26, 2013, including a proposed amendment to the Criminal Code regarding the criminal interest rate (Bill S-210).
This document contains the transcript of a Senate debate that occurred on November 26, 2013. The debate included discussions on various topics such as the "Truth and Reconciliation Commission," "Project s.t.e.p." (a youth substance abuse program), the "Fiftieth Anniversary of I Have a Dream Speech," and "British Columbia Reconciliation Week." It also features discussions related to bills, including Bill S-210, "An Act to amend the Criminal Code (criminal interest rate)," which was introduced and debated at second reading. Other bills mentioned and debated or adjourned include Bill S-201 (genetic discrimination), Bill C-279 (gender identity), Bill C-290 (sports betting), Bill C-314 (breast density awareness), Bill C-350 (offender accountability), Bill C-377 (labour organizations), and a motion concerning Registered Disability Savings Plans (RDSPs).
During a Senate sitting on February 13, 2014, various procedural matters were addressed, including tabling of reports and debates on unrelated topics, with no discussion recorded for Bill S-210 at its second reading stage.
This artifact is a record of a Senate sitting held on February 13, 2014. The Senate was at the second reading stage for Bill S-210, An Act to amend the Criminal Code (criminal interest rate). However, the provided text does not contain any discussion or procedural actions related to Bill S-210 itself. Instead, the sitting included various other proceedings such as tabling of reports and documents, notices of motions, and debates on unrelated topics like "Hooked on School Days," recognizing athletes, the Assemblée parlementaire de la Francophonie, honoring an individual, police bravery, budget matters, Senate reform, health and fitness, mental health and justice, child-rearing violence, energy sources, social housing, and the Canada Periodical Fund. The sitting concluded with a motion to adjourn until February 25, 2014. The status of Bill S-210 is not advanced in this record.
During a Senate sitting on May 1, 2014, various legislative matters and societal issues were discussed, including tributes, the introduction and debate of several bills, and debates on foreign affairs and economic policy, with Bill S-210 concerning the criminal interest rate being among the topics addressed.
This Senate sitting on May 1, 2014, included various discussions and legislative actions. Senators paid tribute to journalists lost in the line of duty and welcomed visitors. Several bills were introduced or debated, including those concerning digital privacy, mental health, health and fitness, and the composition of corporate boards. Discussions also touched upon the Central African Republic crisis, the Canada-European Union trade agreement, and the closure of Mirabel Airport. Notably, Bill S-210, an Act to amend the Criminal Code regarding the criminal interest rate, was brought up for debate, with Senator Ghislain Maltais offering remarks.
On May 1, 2014, the Senate debated various bills and issues, including privacy, corporate governance, health, and heritage, with proceedings beginning and ending with procedural matters and acknowledgments.
This document is a record of Senate proceedings from May 1, 2014. It includes discussions on various topics such as recognizing journalists lost in the line of duty, welcoming visitors, acknowledging notable individuals like Miss World Canada and outstanding young farmers, and addressing important issues like the Trinity Western University School of Law, the crisis in the Central African Republic, and the Canada-European Union Comprehensive Economic and Trade Agreement. Several bills were also discussed: Bill S-4 (Digital Privacy Bill), Bill S-217 (Modernizing Boards of Directors), Bill S-211 (National Health and Fitness Day), Bill S-208 (Canadian Commission on Mental Health and Justice), Bill S-206 (Protection of Children against Standard Child-Rearing Violence), Bill S-210 (Criminal Interest Rate), and Bill C-501 (National Hunting, Trapping and Fishing Heritage Day). The Senate also debated an inquiry on the sustainability of the Canadian healthcare system.
On May 27, 2014, the Senate convened to discuss several bills and issues, including grain transportation, election laws, and criminal interest rates, with the debate on Bill S-210 being adjourned.
This document records the proceedings of the Senate on May 27, 2014. The Senate discussed various matters including congratulating a Senator on completing his 50th marathon, welcoming visitors, and presenting committee reports. Key debates included Bill C-30 concerning grain transportation, Bill C-23 regarding election fairness, and Bill S-210, which aims to amend the Criminal Code regarding the criminal interest rate. There were also discussions on climate change, the Supreme Court appointment process, and the Enterprise Cape Breton Corporation. The Senate adjourned the debate on Bill S-210, meaning it has not yet passed this stage.
During this Senate sitting on May 29, 2014, debates occurred on various bills, including the criminal interest rate (Bill S-210), mischief relating to war memorials (Bill C-217), and electoral reform (Bill C-23), alongside discussions on international events and national issues.
This document summarizes a sitting of the Senate on May 29, 2014. The sitting included debates and committee reports on various bills, including those related to the Criminal Code, Canada Elections Act, Citizenship Act, and budget implementation. Notably, there was a debate and a motion in amendment regarding Bill C-217, concerning mischief related to war memorials, which ultimately passed third reading. Bill S-210, concerning the criminal interest rate, was read a second time and referred to committee. Other discussions included the Global Summit on Maternal, Newborn and Child Health, the Global Summit to End Sexual Violence in Conflict, a Canadian Election Observation Mission, the 100th anniversary of the RMS Empress of Ireland tragedy, recruitment in the Canadian Armed Forces, the European boycott of seal products, and the protection of Atlantic salmon sport fishing.
Bill S-210, concerning amendments to the Criminal Code regarding criminal interest rates, was in the Senate's committee consideration stage as of May 13, 2015.
This artifact outlines the procedural status of Bill S-210, An Act to amend the Criminal Code (criminal interest rate), in the Senate of Canada. The bill was at the 'Consideration in committee' stage, meaning it was being examined by a Senate committee. The last recorded activity related to this stage was a referral to a committee on May 29, 2014. The artifact also lists previous procedural milestones like first and second readings, and related speeches, as well as noting that similar bills have been introduced in the past.
We don't have a plain-language summary for Report stage yet. The official source linked below is the full record.
We don't have a plain-language summary for Third reading yet. The official source linked below is the full record.
We don't have a plain-language summary for First reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Second reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Consideration in committee yet. The official source linked below is the full record.
We don't have a plain-language summary for Report stage yet. The official source linked below is the full record.
We don't have a plain-language summary for Third reading yet. The official source linked below is the full record.
Debate and sitting links point to official parliamentary sources when LEGISinfo publishes them. Any plain-language discussion summaries should be generated from those official texts and reviewed before public display.
Vote Summary
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No published representative vote breakdown
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Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
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