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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
…breached section 347 of the Criminal Code by charging and collecting fees and interest at an effective annual interest rate in excess of 60 per cent on its so-called payday loans. But lawyer Paul
http://infofranpro.wikidot.com/20090429-money-mart
agreements in an attempt to mask the true nature of the criminal interest it is charging," Harvey Strosberg, lead counsel on the case, said in a statement./
National Post
March 11, 2004
Civil suit
http://infofranpro.wikidot.com/20040311-civil-suit
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
pretty horrendous fees."
The government will modify Section 347 of the Criminal Code.
The law currently defines a criminal interest rate at 60 per cent annually, and sets out five-year maximum
http://infofranpro.wikidot.com/20061004-new-legislation
"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
;entering into an agreement with the public to charge a criminal interest rate."
Nothing like this has ever happened before.
Law enforcement authorities have never enforced Section 347
http://infofranpro.wikidot.com/20060201-payday-loan
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
