A little banking humor!
Always borrow from pessimists, they won’t expect to get paid back…
Team Margill at ABA Techshow
For 38 years now, American Bar Association Techshow has has brought together legal professionals and technology. This year, the ABA Techshow will take place at the Hyatt Regency in Chicago from February 14 to the 17th, 2024. Come say say hello to the Margill Team at booth 332 to learn more about how our software can help your law firm with Litigation and Client finance.
Criminal interest rate: Canada sets high stakes for high rates
As it revisits decades-old regulations on what constitutes a criminal interest rate, Canada challenges lenders to remain profitable under substantially tighter margins.
These Regulations are necessary to implement amendments brought by the Budget Implementation Act, 2023, No. 1 to section 347 of the Criminal Code. The amendments will lower the criminal annual rate of interest from the current 60 per cent (effective annual interest rate) to an annual percentage rate (APR) of 35 per cent. They will also narrow the types of agreements and arrangements to which this criminal offence applies. Though not yet in force, the Regulations aim to combat predatory lending practices and reform Canada’s framework for consumer financial protection and regulation.
To read the whole story by Guillaume Talbot-Lachance, Matthew Connors and Kaliopi Dimitrakoudis, follow this link.
Margill in Tunisia
Ambassador Lorraine Diguer and the team of trade delegates from the Canadian Embassy in Tunisia met with Mr. Marc Gélinas, founding president of the Canadian company Jurismedia inc., his team as well as representatives of their Tunisian partner DevXperts (5Xperts Group). The discussion focussed on opportunities in Tunisia in addition to celebrating success of this excellent collaboration between actors working in the field of information technologies in both countries.
On the picture, you can recognize: third from the left Patrick Bronsard, senior programmer at Margill, Marc Gélinas, Ambassador Lorraine Diguer, Christiane Duguay, programmer, Mario head programmer and Sophie Binette also programmer at Margill.
To see original post on Facebook, follow this link.
Do I Have To Pay Back This Loan?
Joe Patrice, senior editor at “Above The Law“, offers a helpful guide for anyone wondering how borrowing works for different people.
Earlier this week, Jonathan Turley’s thirst for attention led him to go on TV to describe “car loan payments” as corruption that “none of us have seen the likes of.” Turley is, of course, an idiot. But it did get us thinking: what are the rules for paying back money you’ve borrowed? So we’ve created this helpful annotated guide!
To find out more, follow this link.
Update to the Google Personalised ads policy
In February 2024, Google will update its Personalised ads policy to introduce new limitations on personalised ads relating to consumer financial products and services. Specifically, Google’s ‘Credit in personalised ads’ policy will be expanded to cover ‘Consumer finance in personalised ads’. The updated policy will read as follows:
‘In the United States and Canada, the following sensitive interest categories cannot be targeted to audiences based on gender, age, parental status, marital status or postcode.
Goldman Alums Set Up Matchmaking Platform for Private Credit
Two former Goldman Sachs Group Inc. bankers want to take the $1.6 trillion private credit revolution from Wall Street to Main Street.
George van Dorp and Koen van Vlijmen, who both worked in the American bank’s London office, have built a product that matches small businesses with alternative lenders.
Take a look at this excellent article by Irene García Pérez and Silas Brown on Bloomburg News.
A 47-year mortgage? They’re out there — and even longer ones could be coming
Banking regulator says about $250B worth of home loans are either currently or soon to be negatively amortized.
Canada’s top banking regulator will soon implement new guidelines for the mortgage market, aimed at reducing the risks posed by negative amortization mortgages — home loans where the payment terms have ballooned by years and sometimes decades because payments are no longer enough to pay down the loan on the original terms.
Take a minute to read Pete Evans’ article on CBC news about the consequences on mortgages since the Bank of Canada has hiked interest rates multiple times within a year and a half.
Margill Pacific Tour
Last November, Margill’s CEO embarked on a three-week adventure in the Pacific.
He went to implement Margill Loan Manager and train clients in the Marshall Islands, Guam, and Papua New Guinea.
Here are a few pictures from the journey!
Marshall Islands Development Bank team
Nimamar Capital Limited, Port Moresby, Papua New Guinea
Pacific Islands Development Bank in Guam
Also, through the services of Planetair, we decided to offset the climate effect of this 20,000-mile trip by buying back around 6.15 tonnes of CO2 emissions.
”Launched by the Unisféra International Centre, Planetair was created to support individuals, businesses and organizations seeking to evaluate, reduce and offset their ecological footprint and especially their climate impact.
Planetair enables individuals, businesses and organizations to quantify their greenhouse gas emissions and determine opportunities to reduce and offset their climate impact through carbon credits. – planetair.ca”
We invite all of our clients and partners to do their part by reducing or offsetting their carbon emissions. No actions are too small.
Government of Canada’s consultation on lowering the criminal rate of interest
This past August, the Government of Canada launched its anticipated consultation paper to seek feedback from stakeholders and vulnerable members of the public on the criminal rate of interest and the availability of high-cost installment loans often offered by alternative lenders.
While the Government of Canada’s policy goal has not resulted in a new criminal rate of interest yet, a reduction in the criminal interest rate could potentially have market-changing implications for lenders and borrowers.
To continue reading this article by Me Joyce M. Bernasek and Me Dominic Duchesne from the Osler law firm, follow this link.