Bill Detail
An Act to amend the Interest Act (prepayment charge)
BillC-459
Session42-1
StageOutside Order of Precedence
Introduced2019-06-14
Proposed byGuy Caron
This enactment amends the Interest Act in order to set out the maximum charge that a lender can exact for prepayment of a loan secured by a first mortgage or hypothec on property that is used as a primary residence.
It also sets out the circumstances in which such a charge must not be exacted.
Legislative Timeline
2019-06-14
First reading
✦ AIBill proposes limiting prepayment charges on primary residence mortgages.
Current
Outside Order of Precedence