Quote:
Originally Posted by Rick Lee
There should be no cap on interest rates. Why should the gov't. be able to set prices on anything?
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Because consumers need to be protected from big bad corporations
Consumer protection law in Ontario is unreal. You can get away with murder if you know how. It's got to the point where I think we need a business protection law.
Rob, I believe interest laws in Canada are provincial, are they not? I remember researching it several years ago, and discovered that we're capped at 50%, and that includes things like finance charges and penalty charges (eg. late fees, NSF charges).