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Statutes of Newfoundland and Labrador 2006


CHAPTER 21

AN ACT TO AMEND THE STUDENT FINANCIAL ASSISTANCE ACT

(Assented to May 26, 2006)

Analysis


        1.   S.4 Amdt.
Agreements

        2.   S.17.8 Amdt.
Settlement

        3.   S.17.9 R&S
Write-off


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 Section 17.9 of the Act is repealed and the following substituted: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).