A criminal rate of interest : updating Garland for consumers (eBook, 2011) [WorldCat.org]
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A criminal rate of interest : updating Garland for consumers

Author: Janet Lo; Public Interest Advocacy Centre (Canada),
Publisher: Ottawa, Ontario : The Public Interest Advocacy Centre (PIAC), 2011. ©2010
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Millions of consumers subscribe to utilities and telecommunications services on a monthly billing schedule. If consumers miss a payment due date, the service likely charges late payment interest and may apply a late payment penalty fee or charge a processing fee for accounts that have late payments. Beginning with the notable case of Garland v. Consumers' Gas before the Supreme Court of Canada in 1998, courts  Read more...
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Details

Genre/Form: Electronic books
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Janet Lo; Public Interest Advocacy Centre (Canada),
OCLC Number: 716050307
Description: 1 online resource (53 pages)
Contents: 1. Introduction --
2. Section 347 caselaw --
3. Class actions as a mechanism to enforce criminal interest rate provisions --
4. Parliamentary and provincial regulation of the criminal rate of interest and the payday lending industry --
5. International regulation of criminal rates of interest and payday lending --
6. Industry practices for charging late payment penalties in Canada --
7. Conclusion.
Responsibility: written by: Janet Lo.
More information:

Abstract:

Millions of consumers subscribe to utilities and telecommunications services on a monthly billing schedule. If consumers miss a payment due date, the service likely charges late payment interest and may apply a late payment penalty fee or charge a processing fee for accounts that have late payments. Beginning with the notable case of Garland v. Consumers' Gas before the Supreme Court of Canada in 1998, courts determined that the definition of "interest" is broad and a late payment penalty could be construed as an "interest" charge on an advancement of credit because a deferral of payment constitutes an advancement of payment under s. 347. It has been over ten years since the Supreme Court's decision in Garland. Since that decision, there have been more attempts to apply a broad interpretation of "interest" to charges arising from late payment penalty charges.

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