Brampton MPP Jagmeet Singh has introduced his private member’s bill created in an attempt to keep a lid on high international money transfer fees.
The Bramalea-Gore-Malton MPP introduced the bill in the Ontario legislature yesterday, where it received first reading.
Singh explained the proposed legislation has three components— a cap on fees, a full fee disclosure requirement and enforcement aspect.
If passed, Bill 47, Consumer Protection Amendment Act (Money Transfers), would cap consumer fees at 5 per cent of the amount being transferred. It would also require companies like Western Union and MoneyGram to disclosure all the fees being charged and allow the government to establish enforcement regulations.
“ACORN of Canada has been integral to making this bill possible,” Singh told the legislature. “They’ve seen that many communities across Ontario are sending money internationally, and much of the money they’re sending is caught up in fees. They’re not being able to send all that money to those who need the money in, often, developing countries.”
ACORN Canada is a national organization campaigning for socio-economic change for low and moderate income families.
Singh introduced a bill to crack down on high transfer fees last May, but it didn’t get further than first reading before proceedings at Queen’s Park came to a halt when former premier Dalton McGuinty announced his resignation and prorogued the legislature.