Interest Act (R.S.C., 1985, c. I-15)

AMENDMENTS NOT IN FORCE

• — 1996, c. 17, ss. 17, 18

  • 17 Section 4 of the Interest Act is replaced by the following:

    • When annual rate not stipulated

      • 4 (1) Except as to mortgages on real property, whenever any interest is, by the terms of any written or printed contract, whether under seal or not, made payable at a rate or percentage per day, week, month, or any rate or percentage for any period less than a year, no interest exceeding the rate or percentage prescribed by regulation shall be chargeable, payable or recoverable on any part of the principal money unless the contract contains an express statement of the yearly rate or percentage of interest to which the other rate or percentage is equivalent, calculated in accordance with the regulations.

      • Regulations

        (2) The Governor in Council may make regulations for the purposes of subsection (1).

• — 1996, c. 17, ss. 17, 18

  • 18 Section 6 of the Act is replaced by the following:

    • Interest recoverable in certain cases

      • 6 (1) Whenever any principal money or interest secured by mortgage on real property is, by the mortgage, made payable on a sinking fund plan, on any plan under which the payments of principal money and interest are blended, on any plan that involves an allowance of interest on stipulated payments or on any fund or plan described in the regulations, no interest whatever shall be chargeable, payable or recoverable on any part of the principal money advanced unless the mortgage contains an express statement showing the amount of the principal money and the rate of interest chargeable on that money, calculated in accordance with the regulations.

      • Regulations

        (2) The Governor in Council may make regulations for the purposes of subsection (1).

• — 2001, c. 4, ss. 175, 176

  • R.S., c. I-15

    • 175 (1) Subsection 4(1) of the Interest Act is replaced by the following:

      • When annual rate not stipulated

        • 4 (1) Except as to mortgages on real property or hypothecs on immovables, whenever any interest is, by the terms of any written or printed contract, whether under seal or not, made payable at a rate or percentage per day, week, month, or any rate or percentage for any period less than a year, no interest exceeding the rate or percentage prescribed by regulation shall be chargeable, payable or recoverable on any part of the principal money unless the contract contains an express statement of the yearly rate or percentage of interest to which the other rate or percentage is equivalent, calculated in accordance with the regulations.

    • Coming into force

      (2) Subsection (1) comes into force on the later of the coming into force of section 91 of this Act and section 17 of the Agreement on Internal Trade Implementation Act, chapter 17 of the Statutes of Canada, 1996.

• — 2001, c. 4, ss. 175, 176

  • R.S., c. I-15

    • 176 (1) Subsection 6(1) of the Interest Act and the heading before it are replaced by the following:

      Interest on Moneys Secured by Mortgage on Real Property or Hypothec on Immovables

      • Interest recoverable in certain cases

        • 6 (1) Whenever any principal money or interest secured by mortgage on real property or hypothec on immovables is, by the mortgage or hypothec, made payable on a sinking fund plan, on any plan under which the payments of principal money and interest are blended, on any plan that involves an allowance of interest on stipulated payments or on any fund or plan described in the regulations, no interest whatever shall be chargeable, payable or recoverable on any part of the principal money advanced unless the mortgage or hypothec contains an express statement showing the amount of the principal money and the rate of interest chargeable on that money, calculated in accordance with the regulations.

    • Coming into force

      (2) Subsection (1) comes into force on the later of the coming into force of section 92 of this Act and section 18 of the Agreement on Internal Trade Implementation Act, chapter 17 of the Statutes of Canada, 1996.