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New borrowers bill is outlined by Milne By ROSS MILNE MP Peel Dufferin Simcoe There has been tremendous growth in the use of consumer credit in Canada In the last 30 years alone the total consumer debt not including mortgage fiebt has increased from less an $1 billion to more than $23 billion More than 65 per cent of wthis increase has occurred since 1967 Recently the borrowers and depositors protection bill was given second reading The bill has three main goals The first is to impose uniformity in the practices used for the calculation crediting and description of in terest on all those who take deposits or make loans to con sumers in Canada to require full uniform and c0mprehensi ble disclosure system so that the consumer before he enters into deposit or borrowng tran saction will know all his rights and the obligations he will have to bear SECOND GOAL The second goal is to fa cilitate the proper functioning of the market by encouraging more vigorous competition and providing the consumer both with protection and with right to civil recourse Thirdly this bill will establish clear and easily pro vable criminal offence to act as strong deterrent to the cancer of loan sharking that has spread throughout this country It is now possible for lenders to stack variety of other changes on top of the quoted cost of borrowing Insurance premiums various admin istrative charges legal costs registration costs and the like are very often charged to the consumer and in most cases excluded from the calculation of the cost of borrowing As result the consumer is not ap raised of the real interest urden that he actually has to carry The bill will require the use of standard formula for cal culating interest The result will be that where consumer is dealing with different len ding institutions quoting the same rate on their loans the actual costs of the loans will be exactly the same rather than appearing to be the same primary purpose of the bill is to protect the lowincome borrower who are often denied money which leaves them only one recourse the loan shark NOW BIG BUSINESS The police estimate that loan sharking has become $3 billion year business in Canada and is perhaps the se cond greatest source of income for organized crime second only to the illicit drug traffic ing The bill will impose severe penalties on loan sharks Because every lender will be required to make complete disclosure low income bor rowers will know before they borrow just what kind of burden they are getting into The bill also introduces the con cept of criminal rate of credit charge Any person who makes loan in excess of this rate will be subject to criminal prosecu tion The offence will be automatic once it is established that the rate charged is greater than the criminal rate The bill also addresses itself to another type of near theft which personally abhor This is where person or company buys tax refund that may be coming to an individual at substantial discount Another form is the purchase of social assistance cheques before they are issued These so called buys are really loans and the interest is the difference bet ween the amount advanced and the amount the discounter will get Generally the effective in terest rate is in the criminal range The bill bars any lender from charging any borrower penal ty for paying off non mortgage loan efore the term of that loan has expired Where consumer discovers that he is being charged higher credit charge on his loan that he need pay by the simple expedient of inding that he can make the same loan more cheaply elsewhere he need only borrow the money from the cheaper source at the lower rate and repay the first loan immediate ly and without penalty The only exceptions to this unlimited right of prepayment will be mortgage loans The bill provides limited prepayment privileges in the case of mortgages as well This proposal extends the current NHA provisions to the whole of the mortgage market The consumer will be permit ted to prepay up to 10 per cent of the principal amount of fixedrate mortgage on each of the first and second anniver saries of the effective date of the mortgage After the third anniversary the borrower will enjoy much more extensive right to prepay principal and the maximum penalty the lender may charge will not exceed three months interest on the amount prepaid at the agreed credit charge rate Sunday busy day down Petticoat Lane LONDON CP If you think London is dead on Sunday morning take walk down Pet ticoat Lane sometimes called the most famous street market in the world By 10am the crowds on the sidewalks are so thick they sweep you along like tidal wave Besides the open stalls there are stores of every kind where you can buy new and secondhand shoes clothes hats ties shirts overcoats household linen books towels and chinaware In street near Aldgate New Fashion Lift Printed Pattern SIZES lO22O2 67 fllwfl Give your life fresh fash ion lift Sew this graceful dress with up curves and tab detail in softly muted plaid checks or winter pastel Printed Pattern 4798 Half Sizes 102122 142 162 18 20 Size 14l2 bust 37 takes 2V2 yards 45inch $100 for each pattern cash cheque or money order Add 25¢ each pattern for first class mail and handling Ont residents add sales tax Print plainly Size Style Numv her your Name Address Send to Anne Adams Pattern Dept The Barrie Examiner 60 Progress Avenue Scarborough Ontario MIP4P7 150 styles lots of Quick Easies in our NEW FALL WINTER PATTERN CATALOG Jumpsuits tops pants plus Total Wardrobe patterns ree ern coupon 75¢ pstant Sewln Book $100 Sew Knit ook 2125 Instant Money Crafts 100 Instant Fashion Book $1 00 called Middlesex Street is an eel stall operated by Teddy Myers who has been there for more than 50 years His mother and father ran it before him and he says the stall has been on the same spot for more than 100 years Once we only sold eels Teddy said Now you can buy every kind of shellfish in season and cheaper than you can buy em anywhere else in the world SERVED WITII VINEGAR Teddys eels come in little china cups to eat on the spot at 35 pence 50 cents time and he shows you how to eat them with vinegar or hunk of bread Or you can have plate of whelks cockles or mussels for 10 pence or prawns for 15 pence Gaily colored ties are sold at £1 each by Danny Cohen the selfstyled King of Ties wear ing huge straw hat swathed with colored ribbons Com pared with prices in London shops Dannys ties are con sidered good value but some customers find them little garish Just off Middlesex Street is sarsaparilla stall with an an cient silver pump that dispen ses the genuine oldworld er bal drink at 12 pence glass Standing nearby is the Pearly King of Hackney Bert King dressed from head to toe in sil ver and mauve buttons as he collectes for sundry London charities Random bargains 30piece dinner service for £7 womens stiletto sandals for £5 womens print dresses at £1 to £2 each goatskin rugs in variety of shades from £7 to £12 an imi tation human skull unpriced for medical students One of the attractions of Pet ticoat Lane is that household commodities such as quilts and blankets are Often given away CLASSIFIED ADVERTISING DIRECT PHONE 7282414 Classifiad advertisements and notices for than pages must be received by pm day preceding publication with the excep tion of Classified Display advertisements which must be in by prn two days prior to publication BIRTHS ENGAGEMENTS MARRIAGES DEATH NOTICES 40 words 85 00 Additional words cts per word CARD 0F THANKS 75 words $500 Addi4 tional words ct pIr word IN MEMORIAM NOTICES No verso $5 00 With vorso per count line 21 cents per line COMING EVENTS $127 per column inch 24 WORD MINIMUM CLASSIFIED ADVERTISING Cash Dis count Rates apply if paid within days One or two insertions 9c per word insorr tion Throa consecutive insertions cents per word insertion total $612 Six consecutive insertions 8c per word per in sertion total $152 Multiple insertions may be ordered subject to cancellation when satisfactory results obtained Method of counting fewer than 24 words count as 74 words Each initial abbrevia tion lot of numbers etc count as separate words ERRORS AND CORRECTIONS All phone Insertion orders are accepted as convenience to the advortisors Therefore the Classified Advertising Department roquiras od advertisers to kindly rachuclr their advertisement im modiatol artur first insertion in order that any error or omission may be reported btforu am in order that some may be rectified for the following day publication The Barrie Examiner is responsible for only one incorrectly printed insertion of any advortlsornont and than only to the extant of portion of ad that involves the mlsprint Errors which do not lesson the value of the advertisement are not eligible for correc tions by moire goods The Barrie Examiner servos tho right to classify revise or re lect any want ads PHONE 7287414 if they remain unsold by 1pm Sunday This is the big market day but some stalls operate on weekdays as well The market is spread over network of 10 streets grouped around Aldgate It was nick named Petticoat Lane in the early 19th century when it was purely and simply an oldclothes market EXAMINER WANT ADS PHONE 7282414 Team It Up Printed Pattern x2 vY 4892 818 574 44 TWO main parts for the lithe jumper Whip It up in an eve ning then sew the rest of the team Sleeveless jacket swings over shirt pants Printed Pattern 4892 Misses Sizes 10 12 14 16 18 Size 12 bust 34 jumper ards 45inch fabric 100 for each pattern cash cheque or money order Add 25¢ each pattern for first class mail and handling Ont residents add 7e sales tax Print plainly Slze Style Num ber your Name Address Send to Anne Adams Pattern Dept The Barrie Examiner 60 Progress Ave Scarborough Ont MIP 4P7 150 styles lots of Quick Easies In our NEW FALL WINTER PATTERN CATALOG Jumpsuits tops pants lus Total Wardrobe patterns ree attern coupon 75¢ nstantSewln Book $100 Sew linlt ook $125 Instant Money Crafts $100 Instant Fashion Book $100 Rock star Alice Cooper left discusses his latest album with Jim Frank manager of Toronto recording studio where the bizarre enter tainer is recording his next release Coopers last tour TALKING IT OVER his lavish and most freaky effort received cool recep tion and has resulted in change of style from what he calls his concept albums CP Photo Link seen between job eating habits WINDSOR Ont CP survey of seven professional groups in the Windsor area sug gests link between occupation andeatinghabits The survey of 70 persons in dicated that work contributes tobadeatinghabits Fiftyfive per cent of those polled were overweight The rate for one group business ex ecutives was 80 per cent Other groups polled were doctors lawyers judges and lawyers persons in the media educa tionists architects and engi neers Long hours erratic meal oat terns and heavy drinking ap pear to contribute to weight and cardiovascular problems the survey found Heavy drinking was found among certain mem bers of all groups The best food habits belonged to the education group and the worst to the people in media particularly those in radio and television Surprisingly eight of the 10 physicians interviewed by the nutrition clinic of Windsor western hospital said they skipped lunch ate on the run or atejunk food Many of the doctors delayed or ate inadequate evening meals Five of the 10 were over weight and only half limited their intake of fats and sweets OFTEN SKIP EALS Lawyers and judges generally ate poorly many of them skipping breakfast and eating lot of such things as hamburgers chips chocolate bars pop and pastry OBITUARY HELEN WYATT Helen Wyatt of Barrie died Friday at Royal Victoria Hospital Survivors are husband Ted sons Gerald and Stephen of Barrie daughter Vera Konkin of Saskatchewan sister Vera Demofsky and brother Fred of Saskatchewan Funeral service was held Tuesday in Mission BC with burial at Mission BC Ar rangements were handled by Steckleys Funeral Home Hopes to retain seat on area school board ELMVALE Yvonne Hea ley resident of Elmvale for 13 years hopes to retain her seat on the Simcoe County Roman Catholic Separate School Board She is being challenged by Joseph Klein Gebbinck Flos Township farmer Mrs Healey has served on the board for the past twoand ahalf years She has been member of the Catachetics and community education commit tees She has also supported St Josephs junior high school and proposals to improve the fa cilities recognizing the need for Catholic education beyond Gradefl As separate school trus tee consider my first purpose is to provide school at mosphere that promotes Chris tian religious attitudes academic excellence and chal lenge to each student in the system she said believe that the trustees the administration the teachers additional staff and the plant itself exist soley for the welfare of the students Mrs Healey said she is pleased with the minister of educations promise of return setstoners martsea no eases morn to the basics and feels there should be strong emphasis on the reading program LISTS PRIORITIES She lists her priorities for the next two years as the Ca tachetics program religious education program for adults more open and frequent ex change with principals and teachers to continue to im prove parentteacher com munication Mrs Healey said the se parate school board has shown great responsibility with its budget and significant in crease in equalized assessment and broader tax base will help reduce the burden on tax payers She said shc has formed four new separate school zones one in Sunnidalc and three in Cm broadening the tax base Mrs Healey is member of Our Lady of Lourdes Parish has been member of the parish council is past chair man of the Northern Region Catholic Womens League and has been appointed secretary for Zone 15 of the Diocesan Share Life Project Mrs Healeys ward includes Vespra Flos Elmvale and Wu saga Beach SILK some VMML The Barrie Examiner Wednesday Nov 24 197627 When business washed he said He couldnt afford to advertise When business was good he said He didnt need to advertise For the life of us we cant remember his name Ellie Thump Examiner READ BY OVER 38000 SIMCOE COUNTY RESIDENTS DAYS WEEK