Section 8 of the Interest Act (Canada) prevents a lender from charging a higher rate of interest on default of a mortgage than was charged before the mortgage went into default. The section includes fines, lump sum bonuses, late payment charges, default fees, and similar charges intended to penalize a borrower who makes late payments or who defaults. The purpose of section 8 is to protect borrowers from aggressive lending practices that will prevent them from repaying their loans.
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Business owners, shareholders, consultants, and others starting or owning a business should consider having a separate Will and a separate Power of Attorney for Property for their business interest. The benefits of isolating a business interest from the assets of a person are multiple.
Often, having a separate Will or Power of Attorney for Property solely for a business interest is not considered important in business until illness strikes or there is a death that prompts a person to act.