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29 |
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Third
Session, 45th General Assembly 55
Elizabeth II, 2006 |
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AN ACT TO AMEND THE
STUDENT FINANCIAL |
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Received and Read the First Time................................................................................................... |
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Second |
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Committee............................................................................................................................................ |
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Third |
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Royal Assent...................................................................................................................................... |
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HONOURABLE
JOAN BURKE Minister of Education |
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Ordered
to be printed by the Honourable House of Assembly |
EXPLANATORY NOTES Clause 1 of the Bill would add a
proposed subsection 4(1.1) to the Student
Financial Assistance Act to allow the minister to sign agreements on behalf
of the Student Loan Corporation of Clause 2 of the Bill would amend
section 17.8 of the Act to allow the Student Loan Corporation of Clause 3 of the Bill would repeal and
replace section 17.9 of the Act. The
changes to this section include the correction of a typographical error in
subsection (1) and the addition of subsections (3) and (5) which would allow
the Student Loan Corporation of |
A AN ACT TO AMEND THE STUDENT FINANCIAL ASSISTANCE ACT Analysis 1.
S.4 Amdt. 2.
S.17.8 Amdt. 3.
S.17.9 R&S Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: SNL2002 cS-29.01 as amended 1. Section 4 of the Student Financial Assistance Act is amended by adding immediately after subsection (1) the following: (1.1) In an agreement made under subsection (1), the minister may contract for and on behalf of the corporation. 2. Section 17.8 of the Act is amended by adding immediately after subsection (3) the following: (4) Notwithstanding subsections (1), (2) and (3), with respect to a student loan administered under a collections agreement, the corporation may accept a settlement of a debt or claim due or made on behalf of the corporation in full settlement of that debt or claim in accordance with the collections agreement and rules that the board may establish. 3. Section 17.9 of the Act is repealed and the following substituted: Write-off 17.9 (1) Where
it appears unlikely that an amount due to the corporation will be paid but the
amount has not been settled under section 17.8, the Treasury Board may direct
the corporation that the deficit be written off. (2) Notwithstanding subsection (1), the corporation may, subject to rules that the Treasury Board may establish, write off deficits of $1,000 or less. (3) Notwithstanding subsections (1) and (2), with
respect to a student loan administered under a collections agreement, where it
appears unlikely that an amount due to the corporation will be paid but the
amount has not been settled under section 17.8, the corporation may write off
the deficit in accordance with the collections agreement and rules that the
board may establish. (4) The writing off of a deficit under subsection
(1), (2) or (3) does not affect the obligation of a person from whom the
deficit was due to pay it or the right of the corporation to recover it unless
the corporation so directs. (5) In this section and section 17.8, "collections agreement" means a memorandum of understanding relating to student loan collections made under the integration agreement as defined in paragraph 17.3 (b). ŠEarl G. Tucker, Queen's Printer |