Second

Session, 46th General Assembly

Elizabeth II, 2009

BILL 9

AN ACT TO AMEND THE

STUDENT FINANCIAL ASSISTANCE ACT

Received and Read the First Time ...................................................................................................

Second Reading .................................................................................................................................

Committee ............................................................................................................................................

Third Reading .....................................................................................................................................

Royal Assent ......................................................................................................................................

HONOURABLE

DARIN KING

Minister of Education

Ordered

to be printed by the Honourable House of Assembly

EXPLANATORY NOTE

This Bill would amend the Student Financial Assistance Act to allow

the making of regulations to eliminate interest effective August 1, 2009 , on student loans and student loans taken over by the province

which are now debts owed to the Crown.

A BILL

AN ACT TO AMEND THE STUDENT FINANCIAL

ASSISTANCE ACT

Analysis

S.16 Amdt.

Lieutenant-Governor in Council regulations

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 (1) Paragraph 16(1)(e.1) of the Student Financial Assistance Act is repealed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(2) Paragraph 16(1)(e.2) of the Act is repealed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(3) Subsection 16(4) of the Act is repealed and the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

Earl G. Tucker, Queen's Printer