2007 Bill

	13


Fourth Session, 45th General Assembly 56 Elizabeth II, 2007
BILL 13
AN ACT TO AMEND THE STUDENT FINANCIAL ASSISTANCE ACT
Received and Read the First Time...................................................................................................
Second Reading.................................................................................................................................
Committee............................................................................................................................................
Third Reading.....................................................................................................................................
Royal Assent......................................................................................................................................
HONOURABLE JOAN BURKE Minister of Education
Ordered to be printed by the Honourable House of Assembly

EXPLANATORY NOTE

The purpose of this Bill is to amend the Student Financial Assistance Act to allow the making of regulations that would lower the interest rate on student loans and student loans taken over by the province which are now debts owed to the Crown and setting the date by which those lower interest rates would apply.

A BILL

AN ACT TO AMEND THE STUDENT FINANCIAL ASSISTANCE ACT

Analysis

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

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.