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CRIMINAL CODE OFFENCES - Offences against rights of property - Criminal interest rate

Tuesday, May 01, 2018 @ 8:38 AM  

Appeal by several credit unions from a declaration that their overdraft charges constituted interest as defined in s. 347 of the Criminal Code. The credit unions agreed to provide their members with banking and financial services. None of the account agreements required the credit unions to honour an overdraft, but all contemplated the possibility of overdraft requests happening as incidental to the nature of the other services the credit unions provided. Occasionally, members would tender a cheque or other instrument for an amount exceeding what they...