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Article: Section 347 Of The Criminal Code And Everyday Commercial Transactions.(Case overview)
- Article from:
- Mondaq Business Briefing
- Article date:
- January 25, 2009
CopyrightCOPYRIGHT 2009 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The recent decision of the Ontario Superior Court of Justice in Peter De Wolf v. Bell ExpressVu Inc. and Bell ExpressVu L.P.1 ("ExpressVu") adds to the growing number of class action judgments that illustrate the problematic provisions of section 347 of the Criminal Code, which enshrines a 60% annual interest limit to anyone who enters into an agreement to advance credit. There is no flexibility in the application of section 347, and the definition of what is considered "interest" is exceedingly broad. This combination means that section 347 applies to all transactions, whether personal or commercial.2 As a result, a Criminal Code provision designed to protect people from ...