OK... I talked to a financial advisor and they are telling me that this law does indeed apply.

CBV Collection agency is performing a criminal act punishable by up to 5 years in prison and/or a $25,000 fine by entering an agreement to accept interest that equates to more than 60% of the principle in less than one year. Not to mention they are being real assholes while doing it.

Section 347 of the Criminal Code of Canada makes it illegal for someone to accept payment of interest at a rate of more than 60% annum. All the references I can find abut this talk about loans (mostly payday loans)

CBV is trying to get $287 from me for a debt of $145 brought to them in Nov '07 (I'm no mathemist {joke}, but that sounds closer to 100% in alot less than an annum).

Does this law apply only to loans, or am I being charged an illegal interest rate?

Let's not even talk about CBV and their borderline illegal tactics, or Telus and their downright fraudulant handelling of my account in the first place.