Bill 66 — Second Session, 16Th Legislature, 18 Elizabeth Ii the Legislative Assembly of Alberta Bill 66 An Act To Provide Guarantees For Stucmnb Toa.,S->; (Legislature 16, Session 2)

L16 S2 4633

Alberta — Bills

1969 Bill 66 Second Session, 16th Legislature, 18 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 66

An Act to provide Guarantees for Stucmnb toa.,s->; THE MINISTER OF EDUCATION First Reading Second Reading Third Reading Printed by L. S. Wall, Queen's Printer, Edmonton

BILL 66 1969

An Act to provide Guarantees for Student Loans (Assented to , 1969) HER MAJESTY, by and with the advic~ and consent of the Legislative Assembly of the ProvInce of Alberta, enacts as follows: 1. This Act may be cited as The Students Loan Guarantee Act. 2.

In this Act, (a) "certificate" means a certificate of eligibility for a loan guaranteed by the Province; (b) "credit institution" means a chartered bank or a treasury branch; (c) "Minister" means the Minister of Education; (d) "student" means a person enrolled in a course of studies at an educational institution, both the course and the institution having been approved by the Students Assistance Board. 3. A student who is resident in Alberta and who wishes to borrow money from a credit institution may apply to the Minister for a certificate. 4.

Where a credit institution makes a loan to a student in accordance with a certificate issued to the student and signed (

a) by the Minister (or a person designated in writing by the Minister to sign certificates), and (

b) by a person designated in writing by the chief administrative officer of the educational institution in which the student is enrolled, the Province hereby guarantees the repayment of the principal and interest.

Explanatory Notes I. General. This Act is intended to give financial aid to students by guaranteeing loans made by student with banks or treasury branches. 2.

Definitions. 3. Minister's certificate. 4. Province guarantees all loans to students for which a student has prior approval under a certificate.

5. The Provincial Treasurer shall pay to a credit in stitution in respect of each loan contracted by a student and guaranteed by the Province under

section 4, interest on that loan on the terms, in the manner and at the rate pre scribed in the regulations. 6. A student under 21 years is bound by a loan con tracted by him under

section 3 and the provisions of this Act apply as if he were of full age at the time the con tractual liability arose. 7. Where the Province pays money under a guarantee the Province is subrogated to the rights of the credit institution. 8. The Minister may (

a) enter into arrangements with any department, branch or agency of the Government of Alberta or any other public or private organization or agency to assist in carrying out the purposes and pro visions of this Act, and (

b) with the approval of the Lieutenant Governor in Council enter into arrangements with the Govern ment of Canada or any province to facilitate the administration or enforcement of this Act. 9.

(1) The money required to carry out this Act shall, for the current fiscal year, be paid out of the General Revenue Fund and thereafter out of moneys appropriated by the Legislature for the purpose.

(2) The Minister is prohibited from issuing any cer tificate which if presented by a student to a bank for a loan would increase the outstanding principal liability of the Province beyond $15,000,000 at any given time. 10.

(1) Any person (including a student) who orally or in writing intentionally makes any false statement or misrepresentation or gives any false or misleading infor mation for the purpose of obtaining a certificate or loan is guilty of an offence and liable on

summary conviction to a fine not exceeding $1,000.

(2) A prosecution for an offence may be instituted at any time within three years of the commission of the offence but not thereafter. 11. The Lieutenant Governor in Council may make regulations 2

5. Province to pay par,t of the interest on guaranteed loans. 6. Minors are bound by the bank loan. 7. Recovery of money paid by Province under a guarantee. 8. Power to enter into agreements. 9. Financial. 10. Offences and penalties. II. Regulations. 2

(

a) specifying the form and content of the certificate and the terms and conditions under which it is granted, (

b) defining "resident in Alberta", (

c) fixing the rate of interest payable by the Province on loans, (

d) fixing the maximum rate of interest, the repay ment of which the Province will guarantee on be half of a student, (

e) prescribing guidelines on which a certificate may be granted, including the amount and duration, and (

f) prescribing the matters referred to in

section 5. 12. This Act comes into force on the day upon which it is assented to. 3

3 Title: 1969 (16th, 2nd) Bill 66,

An Act to provide Guarantees for Student Loans

Document details

Collection	Alberta — Bills
Citation	L16 S2 4633
Type	bill
Volume / chapter	L16 S2 4633
Language	en
Format	json
Source	PROVINCIAL
Identifier	438949344a759f6fcd451f3753e013bf17fe5c3a

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