Bill C-213 — Law to Lower Maximum Interest Rates on Loans

This proposed law, C-213, aims to change the rules about how much interest lenders can charge. Right now, there's a limit on interest rates, and charging more than that is a crime. This proposed law wants to lower that maximum interest rate. This means lenders would not be allowed to charge as much interest as they currently do. This change would mostly affect people who borrow money from places that charge high interest rates, like payday loan companies. It could also affect anyone who uses services like "buy now, pay later" if those services charge interest. The idea is to stop people from getting trapped in debt because of very high interest rates. This matters because many Canadians struggle with debt. Lowering the maximum interest rate could make it easier for people to pay back their loans. It could also prevent people from taking out loans they can't afford in the first place. However, some worry that it might also make it harder for some people to get loans, as lenders might be less willing to lend money if they can't charge as much interest.

This bill has not yet been published on the government website.