The great rate escape: Commercial loans no longer criminal

By Darcy Ammerman and Steven Marmer ( January 4, 2024, 12:19 PM EST) -- On Dec. 23, 2023, the federal government proposed new regulations (the Regulations) which represent a significant step in the ongoing transformation of the criminal rate of interest regime. The Regulations provide needed clarity on the federal government’s proposed changes to the Criminal Code (Canada) relating to loans that pose a risk of trapping Canadian consumers in a cycle of debt. The Regulations allow for a more precise approach to reducing consumer debt cycles while leaving the commercial and pawn loan market undisturbed....