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 (1) Paragraph 16(1)(e.1) of the Student Financial Assistance Act is repealed
and the following substituted:
(e.1) setting lower interest rates or eliminating
interest for student loan agreements and setting the effective dates for those
lowered interest rates or eliminated interest, except where a judgment of the
court has been made with respect to a student loan agreement;
(2) Paragraph 16(1)(e.2) of the Act is repealed
and the following substituted:
(e.2) setting lower interest rates or eliminating
interest 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 or eliminated interest, excepting debts that are owed to the
Crown or the corporation as a result of a judgment of a court;
(3) Subsection 16(4) of the Act is repealed and the
following substituted:
(4) An interest rate lowered or interest
eliminated 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 or eliminated interest is contrary to a term or condition
of the applicable student loan agreement.
Commencement
2. This Act comes into force on August 1, 2009.
ŠEarl G. Tucker, Queen's Printer