Bill: Vote Anti-Usury Act

[Anthony_Org]

A
BILL
To

Amend the Criminal Code Act​

The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:

1 - Short Title and Enactment

(1) This Act may be cited as the 'Anti-Usury Act'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Anthony_org with assistance from Multiman155
(3) This Act has been sponsored by Representative Anthony_Org.
(4) This Act has been co-sponsored by Speaker Multiman155

2 - Reasons

(1) To protect individuals from predatory or exploitative lending practices.
(2) To amend the Criminal Code Act to promote fair and ethical financial conduct by establishing clear limits on interest rates charged in private lending.

3 - Amendments

Part VII of the Criminal Code Act shall be amended as follows:

24 - Usury

Offence Type: Indictable
Penalty: Up to 100 Penalty Units; and restitution of any unlawful interest charged.

Offence:
A person commits an offence if the person:
(a) Demands, receives, or contracts for interest, fees, or charges exceeding 20% per month in any lending or credit agreement with an individual who is not acting on behalf of a registered company.
(b) Fees charged for late payment shall not be counted when calculating the effective interest rate.
Relevant Law:

 

[Scassany]

Aye - Predatory interest rates are bad, glad to see this being added as a law.

 

[Smami]

Honestly I wish the limit was lower. Though, Aye, as it is a positive change and nobody should be subject to extreme interest rates.

 

[Anthony_Org]

I voted Aye on this bill as a rep ^ Changing vote to reflect my vote as a senator