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Money Mart charged "criminal" interest rates on 4.5 million payday loans over 10 years, a lawyer representing 264,000 borrowers told a judge during the first day of a class-action suit
http://infofranpro.wikidot.com/20090428-money-marts
while allowing reasonable short-term rates.
Right now, the Criminal Code sets a 60 per cent annual interest rate limit on the financial sector, a bar that didn't take into account short-term lending
http://infofranpro.wikidot.com/20060613-tories-plan
an interest rate above 60 per cent - the maximum amount of interest that can be charged under Canada's Criminal Code.
The Toronto Star
August 16, 2006
Payday-loan ruling could affect other cases
Tara
http://infofranpro.wikidot.com/20060816-payday-loan
"It can be argued that payday loans involving exorbitant interest rates, high fees and punishing penalties for people who cannot pay are nothing more than loansharking with a quasi-legal face
http://infofranpro.wikidot.com/20040623-ontario-to
could crush the industry in Canada.
Bill McNally said he has been given the green light to proceed with a class-action lawsuit alleging the companiesw charge criminal interest rates.
"The whole industry
http://infofranpro.wikidot.com/200504227-payday-lenders
& spoils, Credence goods: taking advantage of the innocents, Criminal interest rates, Debt traps, Fee surprises at settlement time, Jealously guarded monopoly on the provision of legal services
http://infofranpro.wikidot.com/20110328-no-more
loan industries, said the source. The Criminal Code says lenders can't charge annual interest rates more than 60 per cent.
The legislation would exempt the provinces from applying that rule
http://infofranpro.wikidot.com/20060909-ontario-needs
interest rates of 60 per cent a year, or 90 cents to borrow $100 for a week. But payday lenders charge interest and fees totalling as much as $13 and $35 per $100.
Federal and provincial regulators have
http://infofranpro.wikidot.com/20060530-consumer-protection
, and allow back-to-back loans, which in short order can balloon into huge costs.
It's a criminal offence in Canada to charge in excess of 60 per cent interest per year, but the law, experts say, is flawed
http://infofranpro.wikidot.com/20040625-body-shop-owners
proposed, alleging payday lenders charge interest rates higher than the 60 per cent per annum cap spelled out in the Criminal Code.
Bona fide insurance fees are excluded from the Criminal Code section
http://infofranpro.wikidot.com/20040831-watchdog-curbs
