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REPORT OF THE COMMITTEE

THURSDAY, June 23, 2005

The Standing Senate Committee on Banking Trade and Commerce

has the honour to present its

SIXTEENTH REPORT


Your Committee, to which was referred Bill S-19, An Act to amend the Criminal Code (criminal interest rate), has, in obedience to the Order of Reference of Tuesday, December 7, 2004, examined the said Bill and now reports the same with the following amendment: 

Page 1, clause 1:

(a) Replace line 4 with the following:

1. (1) The definitions “criminal rate” and”; and

(b) Add after line 32 the following:

(2) Section 347 of the Act is amended by adding the following after subsection (8):

(9) This section does not apply to any agreement or arrangement under which the credit advanced exceeds one hundred thousand dollars.”.

Respectfully submitted,

Jerahmiel S. Grafstein
Chair


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