Bill S-233 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 43rd 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
This bill amends the Criminal Code to redefine the criminal interest rate from 60% to the Bank of Canada's overnight rate plus 20%.
Bill S-233, titled An Act to amend the Criminal Code (criminal interest rate), proposes to change how the criminal rate of interest is defined. Currently, the criminal rate is set at 60% per year. This bill would change the definition to be the Bank of Canada’s overnight rate plus 20% per year. This change would apply to credit advanced under an agreement or arrangement. The bill also defines what is meant by the 'Bank of Canada's overnight rate' in the context of credit advanced. The bill will come into effect 60 days after it receives royal assent.
- Changes the definition of the "criminal rate" of interest in the Criminal Code.
- Sets the new criminal rate as the Bank of Canada's overnight rate plus 20%.
- Defines "Bank of Canada's overnight rate" for the purpose of calculating the criminal rate.
- Specifies that the new definition applies to credit advanced under an agreement or arrangement.
- Sets a commencement date for the Act, which is 60 days after it receives royal assent.
- Lenders who charge interest
- Borrowers
- Financial institutions
- Anyone entering into agreements or arrangements for credit
- The Act comes into force 60 days after it receives royal assent.
- The bill does not specify the exact numerical value of the Bank of Canada's overnight rate, as it fluctuates. The criminal rate will therefore change depending on this fluctuating rate.
- The bill's application to "credit advanced under an agreement or arrangement" may be subject to interpretation.
The definition of "criminal rate" in subsection 347(2) is replaced to set the criminal interest rate at the Bank of Canada's overnight rate plus 20%.
Source: Clause 1(1)
Subsection 347(2) is amended by adding a definition for "Bank of Canada's overnight rate" in relation to credit advanced.
Source: Clause 1(2)
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
Bill S-233, an Act to amend the Criminal Code concerning the criminal interest rate, completed its first reading in the Senate on May 4, 2021, and has since proceeded to second reading where a debate took place on June 22, 2021.
This record shows that Bill S-233, concerning amendments to the Criminal Code related to the criminal interest rate, completed its first reading in the Senate on May 4, 2021. The bill is currently at the second reading stage. A debate at second reading occurred on June 22, 2021, featuring speeches from Senators Pierrette Ringuette, Kim Pate, and Frances Lankin. The text also notes similar bills introduced in previous Parliaments: Bill S-237 (which reached third reading in the Senate) and Bill S-210 (which was at the consideration in committee stage in the Senate).
On May 4, 2021, Bill S-233, aiming to amend the Criminal Code regarding the criminal interest rate, was introduced and received first reading in the Senate.
This artifact documents the first reading of Bill S-233, "An Act to amend the Criminal Code (criminal interest rate)", in the Senate on May 4, 2021. The artifact is a transcript of the Senate proceedings for that day, which included various other items such as Senators' Statements on topics like agriculture and Asian Heritage Month, Routine Proceedings where committee reports were presented and other bills were introduced, and Question Period where senators discussed issues ranging from COVID-19 vaccine rollouts to harassment allegations in the military. The introduction and first reading of Bill S-233 itself was a brief procedural step. Following the introduction, the bill was scheduled for second reading.
On June 22, 2021, Bill S-233 regarding the criminal interest rate was being debated at its second reading in the Senate, with the stage not yet completed.
This record indicates that Bill S-233, concerning amendments to the Criminal Code related to the criminal interest rate, was at the second reading stage in the Senate on June 22, 2021. The stage was not completed on this date. The record notes that a debate occurred at second reading, including speeches from Senators Pierrette Ringuette, Kim Pate, and Frances Lankin. The artifact also lists similar bills that were introduced in previous Parliaments.
During a Senate sitting on June 22, 2021, Senator Thanh Hai Ngo introduced Bill S-233 to lower the criminal interest rate, arguing it is necessary to protect Canadians from predatory lending, with Senators Kim Pate and Frances Lankin also supporting the bill.
On June 22, 2021, the Senate held a sitting that included statements from senators on various topics, routine proceedings where bills were tabled and read, question period where senators asked questions of the Government Representative, and orders of the day where debates on various bills and motions continued or were adjourned. Specifically concerning Bill S-233, "An Act to amend the Criminal Code (criminal interest rate)", Senator Thanh Hai Ngo moved second reading of the bill, which proposes to amend section 347 of the Criminal Code to lower the criminal interest rate. Senator Ngo argued that the current rate of 60% is outdated and too high, especially given low Bank of Canada rates and high Canadian household debt. She proposed setting the criminal interest rate at 20% above the Bank of Canada rate, which would affect excessive rates on late charges, installment loans, and high-interest credit cards, while not impacting most standard financial transactions. Senators Kim Pate and Frances Lankin spoke in support of the bill, highlighting the exploitation of vulnerable Canadians by predatory lenders and the need for legislative action to protect them. Senator Pate noted that the bill would help combat financial exclusion and reduce income inequality. The debate on Bill S-233 was adjourned after Senator Lankin's remarks.
Senator Ringuette introduced Bill S-233, proposing to lower the criminal interest rate from 60% to 20% above the Bank of Canada's key rate to protect vulnerable Canadians from exploitative lending practices.
On June 22, 2021, Senator Pierrette Ringuette presented Bill S-233, an Act to amend the Criminal Code concerning the criminal interest rate. She explained that the bill aims to lower the criminal interest rate from its current level of 60% to 20% above the Bank of Canada's key rate. This change is proposed because the current criminal interest rate has not been updated in 40 years, while the Bank of Canada rate has significantly decreased. Senator Ringuette argued that the bill would help Canadians struggling with debt, particularly those who turn to high-interest lenders due to financial vulnerability. She noted that the proposed rate would still be higher than most standard loans and credit cards but would significantly reduce excessive rates charged by some lenders. Senator Ringuette also highlighted that while payday loans have a separate provincial regulation, many lenders offer larger loans or longer terms that would be affected by this bill. She stated that lowering the rate would not increase government spending and would send a societal message about acceptable interest rates. She also mentioned that similar bills she had previously introduced had progressed through committees but did not become law due to elections. Senator Kim Pate spoke in support of the bill, emphasizing the exploitation faced by vulnerable Canadians due to predatory lending practices and the exacerbated impact of high interest rates during the pandemic. Senator Frances Lankin also supported the bill, drawing on her experience with community work and the realities of poverty in Toronto, noting the co-location of predatory lenders with low-income neighbourhoods. The debate on Bill S-233 was adjourned.
Bill S-233, concerning the criminal interest rate, has reached the second reading stage in the Senate, with a debate held on June 22, 2021, but has not yet proceeded to third reading.
This artifact describes the stage of Bill S-233 in the Senate. The bill is currently 'At second reading in the Senate'. The latest activity noted was a debate at second reading on Tuesday, June 22, 2021. The artifact lists the sponsor's speech and response speeches from Senators Pierrette Ringuette, Kim Pate, and Frances Lankin on that date. The artifact also mentions similar bills from previous Parliaments (S-237 and S-210). The 'Senate Third reading' stage is listed as 'Not reached'.
Bill S-233 concerning the criminal interest rate has not reached its First Reading in the House of Commons, and is currently at Second Reading in the Senate where a debate occurred on June 22, 2021.
This artifact describes the status of Bill S-233 at the First Reading stage in the House of Commons. However, the provided text indicates that this stage has not yet been reached. The bill's current status is at second reading in the Senate, with the latest activity being a debate on Tuesday, June 22, 2021. This Senate debate included speeches from Senators Pierrette Ringuette, Kim Pate, and Frances Lankin. The artifact also lists similar bills that were introduced in previous Parliaments.
Bill S-233 concerning the criminal interest rate has not yet reached the second reading stage in the House of Commons, with the latest activity being Senate debates on June 22, 2021.
This artifact indicates that Bill S-233, concerning amendments to the Criminal Code related to the criminal interest rate, has not yet reached the second reading stage in the House of Commons. The latest activity related to this bill occurred on Tuesday, June 22, 2021, in the Senate, where speeches were made during the second reading debate. The provided information also lists similar bills from previous Parliaments. It is important to note that this artifact is a procedural record and not the full text of the bill.
The House of Commons stage 'Consideration in committee' for Bill S-233 has not yet been reached, as the bill is currently at second reading in the Senate.
This artifact describes a procedural stage for Bill S-233 in the House of Commons, specifically 'Consideration in committee'. However, the record indicates that this stage has 'Not reached'. The bill's current status is 'At second reading in the Senate', with the latest activity being debate at second reading on Tuesday, June 22, 2021. The artifact also lists major speeches from Senators Pierrette Ringuette, Kim Pate, and Frances Lankin from that sitting. Information about similar bills from previous Parliaments (S-237 and S-210) is also provided.
The Report stage in the House of Commons for Bill S-233 has not yet been reached, as the bill is currently at second reading in the Senate.
This artifact indicates that Bill S-233, an Act to amend the Criminal Code concerning the criminal interest rate, has not yet reached the Report stage in the House of Commons. The bill's current status is at second reading in the Senate, with the latest activity being debate at second reading on Tuesday, June 22, 2021. Major speeches during this Senate second reading debate were given by Senators Pierrette Ringuette, Kim Pate, and Frances Lankin.
The 'House of Commons Third reading' stage for Bill S-233 has not yet been reached, while the bill is currently at the second reading stage in the Senate.
This artifact describes the 'House of Commons Third reading' stage for Bill S-233. However, the 'Stage state' is listed as 'Not reached', meaning this stage has not yet occurred or been processed in the House of Commons. The provided text details the bill's progress in the Senate, noting it is at the second reading stage, with a debate held on June 22, 2021, featuring speeches from Senators Pierrette Ringuette, Kim Pate, and Frances Lankin. It also references similar bills from previous Parliaments.
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
This bill is still active. We only show vote counts after the legislature publishes a recorded division.
No published representative vote breakdown
This bill is still moving through the process. When a recorded division is published, representative positions can be listed here.
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.
How this data is sourced