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St. John's, Newfoundland and Labrador, Canada

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Statutes of Newfoundland and Labrador 2009


CHAPTER 8

AN ACT TO AMEND THE STUDENT FINANCIAL ASSISTANCE ACT

(Assented to May 28, 2009)

Analysis


        1.   S.16 Amdt.
Lieutenant-Governor in Council regulations

        2.   Commencement


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 (1) Paragraph 16(1)(e.1) of the Student Financial Assistance Act is repealed and the following substituted: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             (2)  Paragraph 16(1)(e.2) of the Act is repealed and the following substituted: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             (3)  Subsection 16(4) of the Act is repealed and the following substituted: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.