For 38 years now, American Bar Association Techshow has has brought together legal professionals and technology. This year, the ABA Techshow will take place at the Hyatt Regency in Chicago from February 14 to the 17th, 2024. Come say say hello to the Margill Team at booth 332 to learn more about how our software can help your law firm with Litigation and Client finance.
As it revisits decades-old regulations on what constitutes a criminal interest rate, Canada challenges lenders to remain profitable under substantially tighter margins.
These Regulations are necessary to implement amendments brought by the Budget Implementation Act, 2023, No. 1 to section 347 of the Criminal Code. The amendments will lower the criminal annual rate of interest from the current 60 per cent (effective annual interest rate) to an annual percentage rate (APR) of 35 per cent. They will also narrow the types of agreements and arrangements to which this criminal offence applies. Though not yet in force, the Regulations aim to combat predatory lending practices and reform Canada’s framework for consumer financial protection and regulation.
To read the whole story by Guillaume Talbot-Lachance, Matthew Connors and Kaliopi Dimitrakoudis, follow this link.