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BANKING - Interest and borrowing charges - Criminal rate of interest

Tuesday, June 27, 2017 @ 8:39 AM  

Summary trial application by the plaintiffs in a class proceeding for determination of a common issue. A class action was certified in respect of British Columbia residents who were members of the eight defendant credit unions and had paid an overdraft charge on an overdraft loan issued to honour a cheque drawn on an account with insufficient funds. The plaintiffs sought a summary trial determination of the common issue of whether an overdraft charge exceeding $5 constituted a criminal interest rate. The defendants submitted that the...