Canadian Lending Laws.pdf

Bill S-237 amends the Criminal Code, allowing commercial lenders to charge interest rates above 60% per year for loans over $1,000,000.
- Federal: Bill C-86 introduces a financial consumer protection framework for banks, affecting commercial lines of business.

Consumer Lending:
- Federal: Bill S-237 reduces the criminal interest rate to the Bank of Canada overnight rate plus 45% per year for consumer loans.
- Federal: Bill C-86 introduces a financial consumer protection framework for banks.
- Alberta: Bill 31 sets out a "high-cost" credit regime, requiring licenses and additional disclosures for lenders with interest rates of 32% or more.
- British Columbia: The Ministry of Public Safety and Solicitor General sought feedback on high-cost credit products.
- Quebec: Bill 134 modernizes consumer credit rules, requiring lenders to assess borrowers' capacity to repay and implement a new high-cost credit regime.

Mortgage Lending:
- Ontario: A legislative review of the Mortgage Brokerages, Lenders and Administrators Act, 2006, is underway, with public consultations until January 11, 2019.
- Quebec: Bill 134 includes new requirements for mortgage lenders, with final regulations published on July 18, 2018.

Other:
- Federal: Non-banks must comply with updated restrictions on using "bank" words by August 31, 2019, and August 31, 2020.
- Federal: The government proposes to open up participation in the payments system to non-banks.
- Federal: New privacy data breach reporting requirements came into force on November 1, 2018, with additional guidance published on September 17, 2018.
- Federal: The Office of the Privacy Commissioner issued guidelines for obtaining meaningful consent, setting out seven principles.