Mr. Chairman, I am here to present Bill 19, Cost of Credit Disclosure Act. This act fulfills a commitment made by the Premier of the Northwest Territories, who was a signatory of the Agreement on Internal Trade (1994).
That agreement was signed by Canada`s First Ministers in July 1994, to reduce barriers to the movement of persons, goods, services, and investments within Canada. The objectives of the reforms in the agreement are to harmonize laws and develop simplified, uniform cost of credit disclosure requirements to reduce compliance costs and provide uniform consumer protection across Canada.
Changing patterns of credit use among Canadians resulted in the need to modernize laws governing credit. This act will apply to a wide range of credit arrangements and leases in the Northwest Territories, and will set out specific disclosure requirements for all forms of consumer credit.
Thank you, Mr. Chairman. I look forward to hearing comments from the Members, and answering any questions.