Accidental loan sharking: The new criminal interest regime
Overview
Doug Bourassa, partner in our Litigation & Dispute Resolution and Commercial Real Estate Groups, recently wrote the below article on accidental loan sharking.
Since the year 1980, we have all comfortably understood the line between maximizing your interest recovery and becoming a loan shark. The criminal interest rate was set at a simple 60% per annum. The Criminal Code made it an offence to: (a) enter into a new agreement that calls for an illegal interest rate; or (b) to collect an illegal interest rate. Complicating matters, proof of the illegal interest rate required the opinion of a duly licensed actuary.
To read the full article, please visit Lexpert's website.
This Lexpert Legal Insight was originally published on November 11, 2025, and is republished with permission from Lexpert.
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Doug is highly renowned for his experience in all aspects of commercial and residential mortgage remedies including power of sale, receivership proceedings, foreclosure, and judicial sales. View bio
