Consultation on Fighting Predatory Lending

Current Status: Open

Closing date: October 7, 2022

Join In

Budget 2021 announced the Government of Canada's intention to consult on fighting predatory lending by lowering the criminal rate of interest in the Criminal Code of Canada applicable to, among other things, installment loans offered by payday lenders. The criminal rate of interest, which is currently set at 60 per cent effective annual interest, is applicable to most lending products in Canada. This consultation paper seeks views and feedback on proposals related to the criminal rate of interest and provision of high-cost installment loans in Canada.

Specifically, key questions we want to hear from you on include:

We also invite you to submit any additional comments or feedback relevant to the scope of this consultation. Send us your official documentation by email or by mail.

Send us an email

Send us your comments to consultationconsumeraffairs.consultationconsommation@fin.gc.ca with "Predatory Lending Consultation" as the subject line.

Participate by mail

Director General
Financial Services Division
Financial Sector Policy Branch
Department of Finance Canada
James Michael Flaherty Building
90 Elgin St
Ottawa ON  K1A 0G5

Who is the focus of this consultation?

Through this consultation, we want to hear from stakeholders, consumer groups, industry associations, and members of the public.

What's next?

Our conversation doesn't end here.

We'll be collecting your feedback and will be considered alongside the research our economists have been doing to help inform decisions on the criminal rate of interest and provision of high-cost installment loans in Canada.

Those providing comments are asked to indicate clearly the name of the individual or the organization that should be identified as having made the submission. In order to respect privacy and confidentiality, please advise when providing your comments whether you:

Information received through this comment process is subject to the Access to Information Act and the Privacy Act. Should you indicate that your comments, or any portions thereof, be considered confidential, the Department of Finance will make all reasonable efforts to protect this information.

Related link

Budget 2021

Get in touch

consultationconsumeraffairs.consultationconsommation@fin.gc.ca

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