Statutes of Newfoundland and Labrador 2007 Chapter 10

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

SNL2002 cS-29.01 as amended

1. (1) Subsection 16(1) of the Student Financial Assistance Act is amended by adding immediately after paragraph (e) the following:

(e.1) setting lower interest rates for student loan agreements and setting the effective dates for those lowered interest rates, except where a judgment of the court has been made with respect to a student loan agreement;

(e.2) setting lower interest rates for debts owed to the Crown or the corporation as a result of the Crown or the corporation fulfilling the obligations of a borrower under a student loan agreement and setting the effective dates for those lowered interest rates, excepting debts that are owed to the Crown or the corporation as a result of a judgment of a court;

(2) Section 16 of the Act is amended by adding immediately after subsection (3) the following:

(4) An interest rate lowered in accordance with regulations made under paragraphs (1)(e.1) and (e.2) applies to a student loan agreement or a debt owed to the Crown or the corporation as a result of the Crown or the corporation fulfilling the obligations of a borrower under a student loan agreement notwithstanding that that lowered interest rate is contrary to a term or condition of the applicable student loan agreement.