R.S., c. C-46 Criminal Code 1 (1) The definition  criminal rate  in subsection 347(2) of the  Criminal Code  is replaced by the following: criminal rate  means an effective annual rate of interest calculated in accordance with generally accepted actuarial practices and principles that exceeds  the Bank of Canada’s overnight rate plus twenty per cent  on the credit advanced under an agreement or arrangement; ( taux criminel ) Criminal Code Clause 1 : (1) Existing text of the definition: criminal rate  means an effective annual rate of interest
calculated in accordance with generally accepted actuarial practices and principles that exceeds sixty per cent on
the credit advanced under an agreement or arrangement; ( taux criminel ) (2) Subsection 347(2) of the Act is amended by adding the following in alphabetical order: Bank of Canada’s overnight rate , in relation to credit advanced, means the Bank of Canada’s overnight rate on the day on which the agreement or arrangement under which the credit is or is to be advanced is entered into or renewed; ( taux de financement à un jour de la Banque du Canada ) (2) New. Coming into Force Sixty days after royal assent 2 This Act comes into force 60 days after the day on which it receives royal assent.