Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce
Issue 15 - Minutes of Proceedings
OTTAWA, Wednesday, June 22, 2005
(36)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day, at 5:05 p.m., in room 505, Victoria Building, the Chair, the Honourable Jerahmiel S. Grafstein, presiding.
Members of the committee present: The Honourable Senators Angus, Baker, P.C., Grafstein, Hervieux-Payette, P.C., Kelleher, P.C., Massicotte, Plamondon and Tkachuk (8).
In attendance: June Dewetering, Acting Principal, Jean Dupuis and Sheena Starky, Analysts, Library of Parliament, and Till Heyde, Senate Committees Directorate.
Also present: The official reporters of the Senate.
Pursuant to the Order of Reference adopted by the Senate on Tuesday, December 7, 2004, the committee continued its consideration of Bill S-19, An Act to amend the Criminal Code (criminal interest rate). (See Issue No. 5, February 2, 2005, for the full text of the Order of Reference.)
The committee considered its business.
It was agreed that the committee proceed to clause by clause consideration of Bill S-19, An Act to amend the Criminal Code (criminal interest rate).
It was agreed that consideration of the title be postponed.
The Chair asked whether clause 1 shall carry.
It was moved by the Honourable Senator Massicotte thatBill S-19 be amended in clause 1, on page 1, by replacingline 30 with the following:
"required deposit balance or an amount that fairly reflects the costs of processing and administering the transaction or, in the case of a''.
It was agreed that the committee hear from Michel Patrice, Parliamentary Counsel, Office of the Law Clerk and Parliamentary Counsel, Senate of Canada.
Mr. Patrice answered questions.
The question being put on the motion, it was negatived.
The committee resumed consideration of clause 1.
It was moved by the Honourable Senator Plamondon that Bill S-19 be amended in clause 1, on page 1,
(a) by replacing line 4 with the following: "1. (1) The definitions "criminal rate'' and''; and
(b) by adding after line 32 the following: "(2) Section 347 of the Act is amended by adding the following aftersubsection (8): (9) This section does not apply to any agreement or arrangement under which the credit advanced exceeds one hundred thousand dollars.''.
The question being put on the motion, it was adopted.
It was agreed that clause 1, as amended, carry, on division.
It was agreed that clause 2 carry, on division.
It was agreed that the title carry, on division.
It was agreed that the Bill be adopted, with amendment, on division.
Is it agreed that the Chair report the bill as amended at the next sitting of the Senate.
At 6:05 p.m., the committee adjourned to the call of the Chair.
ATTEST:
OTTAWA, Wednesday, June 29, 2005
(37)
[English]
The Standing Senate Committee on Banking, Tradeand Commerce met in camera this day, at 4:10 p.m., in room 505, Victoria Building, the Chair, the Honourable Jerahmiel S. Grafstein, presiding.
Members of the committee present: The Honourable Senators Angus, Fitzpatrick, Grafstein, Harb, Hervieux- Payette, P.C., Massicotte, Meighen, Moore, Plamondon and Tkachuk (10).
In attendance: June Dewetering, Acting Principal, Jean Dupuis and Sheena Starky, Analysts, Library of Parliament.
It was agreed that senators' and committee staff be permitted to stay in the room during the in camera meeting.
Pursuant to the Order of Reference adopted by the Senate on Tuesday, November 16, 2004, the committee continued its consideration of consumer issues arising in the financial services sector. (See Issue No. 1, November 18, 2004, for the full text of the Order of Reference.)
Pursuant to rule 92(2)(e), the committee considered its agenda.
At 5:35 p.m., the committee adjourned to the call of the Chair.
ATTEST:
Gérald Lafrenière
Clerk of the Committee