In Committee from the Senate of Canada - Banking, Trade and Commerce - May 6, 2015
Senators continue their study of Bill S-210. The proposed legislation aims to lower the criminal interest rate which currently sits at 60% annually. Michael Bradfield (retired professor of economics, Dalhousie University), Dominique Gervais (department head, legal and budget department from Option Consommateurs, Ian Lee (assistant professor, Sprott School of Business) of Carleton University and Jennifer Babe (partner, Miller Thomson LLP) from the Uniform Law Conference of Canada discuss the high interest rates offered by pay day lenders and suggest some alternatives lower income loan seekers can pursue.
(May 6, 2015)