According to the Criminal Code of Canada, at what point does an interest rate become criminal?
#47662. Asked by woody156. (May 21 04 5:37 AM)
I read somewhere that it was as high as 60%
May 21 04, 6:07 AM
Directly from the Criminal Code of Canada:
""criminal rate" means an effective annual rate of interest calculated in accordance with generally accepted actuarial practices and principles that exceeds sixty per cent on the credit advanced under an agreement or arrangement;"
May 21 04, 6:23 AM
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