February 5, 1937 (18th Parliament, 2nd Session)

LIB

Donald Elmer Black

Liberal

Mrs. BLACK:

Mr. Chairman, paragraph (d) says:
The maximum charge which may be made by an approved lending institution for a home improvement loan shall not exceed a rate of discount of three and one-quarter per centum for a one year loan repayable in equal monthly instalments and proportionate rates for other periods.
I asked the minister the other day if the same rate would apply to Dawson or the Yukon Territory, where normally we have to pay from twelve to twenty per cent interest. Money may be put in the bank, and no interest is paid on it by the bank, but we have to pay to the bankers there the rates of interest I have mentioned. Will the rate provided for by this subsection apply there?

Topic:   HOME IMPROVEMENT LOANS
Subtopic:   PROVISION TO ENCOURAGE REPAIR OF RURAL AND URBAN DWELLINGS
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