First Session, 45th General Assembly
53 Elizabeth II, 2004
AN ACT TO AMEND THE STUDENT FINANCIAL ASSISTANCE ACT
Received and Read the First Time
HONOURABLE JOHN OTTENHEIMER
Minister of Education
Ordered to be printed by the Honourable House of Assembly
The purpose of this Bill is to amend the Student Financial Assistance Act to provide for a direct lending Crown corporation to provide student loans to students from the province. This change from a loans program funded by a bank under a commercial lender agreement also requires several consequential amendments.
Clause 1 of the Bill adds or amends the definitions of the terms "appeal board", "board", "corporation", "financial assistance", "financial institution", "lender", "student loan" and "student loan agreement" in the Act.
Clause 2 of the Bill adds a Part I heading to the Act respecting the administrative aspects of student financial assistance.
Clause 3 of the Bill adds to section 4 of the Act respecting the making of agreements, a reference to the proposed corporation so that the corporation may enter into the same types of agreements. This clause also moves the existing section 5 into subsection 4(3) of the Act.
Clause 4 of the Bill repeals section 5 of the Act. Section 5 is replaced with a section allowing the minister to act as an agent for the federal government or to appoint agents of the province for the purposes of the Act.
Clause 5 of the Bill is a consequential amendment required because the definition of "loan" would be replaced by the words "student loan".
Clause 6 of the Bill repeals section 8 of the Act. The proposed section 17.3 with respect to the same subject matter clarifies the language and protects student loan payments to the corporation from other creditors.
Clause 7 of the Bill adds section 8.1 to the Act respecting the exchange of information between the Department of Education and the corporation. Both are responsible for different aspects of the student loan program.
Clause 8 of the Bill is a consequential amendment required because the term "appeal board" is proposed to define the appeal board and the word "board" would mean the board of directors of the new corporation.
Clause 9 of the Bill is a consequential amendment required for the same reason referred to at clause 8 and because the definition of "loan" would be replaced by the words "student loan".
Clause 10 of the Bill repeals sections 13 and 14 of the Act respecting subrogation and collection and respecting the liability of minors. These subjects are reorganized and placed in the proposed sections 17.4 and 17.2 respectively.
Clause 11 of the Bill adds the proposed Part II, sections 14.1 to 14.6, respecting the establishment, structure, powers and duties of the Student Loan Corporation of Newfoundland and Labrador.
Clause 12 of the Bill would add a Part III heading to the Act respecting a regulation making portion of the Act.
Subclauses 13(1) and (2) of the Bill are consequential amendments required because the term "appeal board" is proposed to be substituted for the term "board" and because the definition of "loan" would be replaced by a definition of the words "student loan". Subclause 13(3) adds paragraphs (g.1) and (g.2) to the ministerial regulation making powers in subsection 15(1) of the Act. These proposed paragraphs would enable parameters with respect to the information that may be required from students who apply for financial assistance under the Act.
Clause 14 of the Bill repeals and replaces the Lieutenant-Governor in Council regulation making powers in subsection 16(1) of the Act. In addition to previous powers, this subsection would enable regulations respecting the new direct lending program. This clause also adds a proposed subsection 16(1.1) that would allow regulations under section 16 to differ in their application to various classes of student loan agreements and lenders.
Clause 15 of the Bill repeals and replaces section 17 in order to add a new subsection (1) respecting the minister's ability to establish policies and procedures for the administration of the student loan program. The proposed subsection 17(2) is the same as the existing section 17.
Clause 16 would add a new part, Part IV. This Part contains proposed sections 17.1 to 17.8 as follows:
The proposed section 17.1 permits a variation of repayment terms for student loans assigned to the corporation on or before April 1, 2004 and is required to facilitate the integration of the administration of provincial student loans with the Canada Student Loans Program.
The proposed sections 17.2 and 17.3 respectively deal with the subjects of liability for minors and the inability to charge or otherwise attach financial assistance received under the Act. These subjects are dealt with at sections 8 and 14 of the existing Act.
The proposed subsections 17.4(1) to (3) are the provisions presently in section 13 of the Act except for the addition of references to the corporation. Subsection 17.4(4) has been added to facilitate the recovery of money owed on a defaulted student loan from refund money owed to the defaulter under the Income Tax Act (Canada). Subsection 17.4(5) has been added to allow the corporation or the minister to provide a written certification of amounts owed by a defaulting student. Subsections 17.4(6) and (7) would ensure the application of the section to student loans acquired before the enactment of the provisions proposed in this Act and ensure that other legal remedies remain available to the corporation and the Crown.
The proposed sections 17.6 and 17.7 provide for the settlement and write-off of defaulted student loan debts.
The proposed section 17.8 provides consequences for contraventions of the Act. These consequences would be in addition to any penalties that might apply under section 18 of the Act.
Clause 17 of the Bill adds section 19.1 to the Act to provide for the immunity of the Crown, the corporation, and its board and their officers and employees with respect to actions for damages or losses arising out of duties and activities carried out under the Act.
Clause 18 of the Bill repeals and replaces section 20 of the Act respecting the application of the Act to student loans entered into before the commencement of the existing Act and those entered into from the commencement of the existing Act until the enactment of this Bill.
Clause 19 of the Bill would have the proposed amendments commence on March 30, 2004.
AN ACT TO AMEND THE STUDENT FINANCIAL ASSISTANCE ACT
1. S.2 Amdt.
2. Part I Heading Added
3. S.4 Amdt.
4. S.5 R&S
5. S.7 Amdt.
6. S.8 Rep.
7. S.8.1 Added
8. S.11 Amdt.
9. S.12 Amdt.
10. Ss.13 & 14 Rep.
11. Part II Added
12. Part III Heading Added
13. S.15 Amdt.
14. S.16 Amdt.
15. S.17 R&S
16. Part IV Added
17.1 Acquired student loan
17. S.19.1 Added
18. S.20 R&S
Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:
1. (1) Section 2 of the Student Financial Assistance Act is amended by repealing paragraph (a) and substituting the following:
(a) "appeal board" means the appeal board established under section 11;
(a.1) "board" means the board of directors established under section 14.4;
(2) Paragraph 2(b) of the Act is amended by adding immediately before the word "loan" the word "student".
(3) Section 2 of the Act is amended by adding immediately after paragraph (c) the following:
(c.1) "corporation" means the corporation established under section 14.1;
(4) Section 2 of the Act is amended by repealing paragraph (g) and substituting the following:
(g) "financial assistance" means a student loan or other form of assistance that has been or may be provided to a student under this Act or the Student Assistance Act in force before the coming into force of this Act;
(g.1) "financial institution" means
(i) a bank to which the Bank Act (Canada) applies,
(ii) a credit union incorporated or continued under the Credit Union Act, and
(iii) those other persons that are designated by the minister;
(g.2) "lender" means the corporation or a financial institution from which a borrower receives a student loan in accordance with a student loan agreement;
(5) Paragraph 2(h) of the Act is amended by deleting the word "and".
(6) Paragraph 2(i) of the Act is amended by deleting the period at the end of the paragraph and substituting a semicolon and by adding immediately after that paragraph the following:
(j) "student loan" means money loaned to a borrower under this Act or under the Newfoundland and Labrador Student Loan Program, operating on or after September 1, 1994 in accordance with a student loan agreement between a lender and that borrower; and
(k) "student loan agreement" means an agreement between a lender and a borrower for the receipt of a student loan by the borrower in accordance with this Act or under the Newfoundland and Labrador Student Loan Program, operating on or after September 1, 1994.
2. The Act is amended by adding immediately after section 2 the following:
3. (1) Subsections 4(1) and (2) of the Act are amended by adding immediately after the word "minister" wherever it occurs, the words and commas "and the corporation, with the approval of the minister,".
(2) Section 4 of the Act is amended by adding immediately after subsection (2) the following:
(3) The minister and the corporation may, with the approval of the Lieutenant-Governor in Council, enter into and amend an agreement with a lender with respect to the making of student loans and the provision of other forms of financial assistance.
4. Section 5 of the Act is repealed and the following substituted:
5. The minister may act as an agent of the Government of Canada and may appoint agents to act on behalf of the government of the province for the purposes of this Act.
5. Subsection 7(1) of the Act is amended by adding immediately before the word "loan" the word "student".
6. Section 8 of the Act is repealed.
7. The Act is amended by adding immediately after section 8 the following:
Exchange of information
8.1 The department and the corporation, as they consider necessary, may exchange information and documentation, including personal information of a qualifying student or borrower for the purposes and administration of this Act, including the administration and collection of financial assistance under this Act.
8. Subsection 11(2) of the Act is amended by adding immediately before the word "board" the word "appeal".
9. (1) Subsection 12(1) of the Act is amended by adding immediately before the word "loan" the word "student".
(2) Section 12 of the Act is amended by adding immediately before the word "board" wherever it occurs the word "appeal".
10. Sections 13 and 14 of the Act are repealed.
11. The Act is amended by adding immediately after section 14 the following:
14.1 (1) The Student Loan Corporation of Newfoundland and Labrador is established as a corporation.
(2) The Corporations Act shall not apply to the corporation.
14.2 (1) The corporation is an agent of the Crown.
(2) Property of the corporation is the property of the Crown but title to that property shall be held in the name of the corporation.
(3) The rights and powers granted to the corporation under this Act shall be in addition to the rights and powers conferred on it by section 19 of the Interpretation Act and, notwithstanding that it is an agent of the Crown, the corporation may enforce and exercise all of those rights and powers in its own name.
(4) Legal proceedings in respect of a right or obligation acquired or incurred by the corporation shall be brought by or against it in the name of the corporation.
14.3 The corporation is a lender and may issue student loans under this Act.
Board of directors
14.4 (1) There shall be 3 directors on the board of directors of the corporation.
(2) The directors of the board shall be, by virtue of their position, the
(a) deputy minister of the department who shall be the chairperson of the board;
(b) deputy minister of the Department of Finance; and
(c) Secretary of the Treasury Board.
(3) The board shall not be disabled from acting by reason of a temporary vacancy in its numbers.
(4) The board shall exercise all of the powers and duties of the corporation and shall administer and manage the business of the corporation.
14.5 The corporation may
(a) enter into agreements and contracts with a person or a private or public agency or organization considered necessary by the board to carry out the powers and duties of the corporation;
(b) appoint agents to act on its behalf for the purpose of this Act and on those conditions that the board may determine;
(c) take for money loaned or otherwise invested, a security of any nature that it considers advisable;
(d) establish accounts with financial institutions for the deposit of its money and from which money may be paid for the purposes of its powers and duties;
(e) subject to the approval of the Lieutenant-Governor in Council, establish a line of credit or an overdraft account with a financial institution for the purpose of its powers and duties;
(f) invest, in accordance with this Act, the money of the corporation that is not immediately required;
(g) draw, make, accept, endorse, execute and issue promissory notes, bills of exchange, cheques, electronic payments, student loan agreements and other negotiable or transferable instruments;
(h) acquire by assignment and by purchase, student loans and rights of lenders under student loan agreements, including student loan agreements of lender financial institutions made under the Newfoundland and Labrador Student Loan Program operating before the coming into force of this section;
(i) assign a student loan made or acquired under this Act to the Crown or a financial institution on terms and conditions that are considered appropriate and guarantee the repayment of that assigned loan including interest or other charges on that loan in accordance with a process approved by the board;
(j) pay out money by way of student loan and financial assistance to qualifying students on terms established under this Act;
(k) collect money owed to the corporation or to the Crown as a result of a student loan agreement;
(l) receive and pay out money required to meet the Crown's obligations under contracts with lenders or others for the operation and administration of a program of financial assistance; and
(m) generally do all things that the board considers necessary or advisable for or incidental to the exercise of the corporation's powers and for the discharge of its duties and obligations.
14.6 (1) Subject to the approval of the Lieutenant-Governor in Council, the corporation may
(a) borrow money for its purposes and to carry out its powers and duties; and
(b) to secure the repayment of money borrowed,
(i) issue bonds, debentures, notes or other securities of the corporation, and
(ii) enter into, execute and deliver a trust deed, trust indenture or an agreement with a lender, trustee or depository acting for the holders of bonds and debentures or another person,
and the money may be borrowed at the rate of interest and upon the terms and conditions, and the instruments and documents may be issued or executed and delivered in the form, that the Lieutenant-Governor in Council, or, where the authority to do so is delegated to the Minister of Finance by the Lieutenant-Governor in Council, the Minister of Finance, approves.
(2) The securities of the corporation may be made payable in a currency approved by the Lieutenant-Governor in Council and expressed in the security.
Short term borrowing
14.7 (1) The corporation may raise short term loans to fulfil its obligations, duties and powers under this Act
(a) in the manner and form;
(b) in the amounts;
(c) in the currencies;
(d) for a period not exceeding 2 years;
(e) at the rates of interest, including interest on overdue interest; and
(f) on the conditions, including conditions related to discounts, premiums, charges and commission,
that the corporation may determine.
(2) The total of short term loans raised under subsection (1) and outstanding shall not exceed a limit to be fixed by the Lieutenant-Governor in Council.
14.8 (1) The Minister of Finance may, acting for and on behalf of the Crown and with the approval of the Lieutenant-Governor in Council, unconditionally guarantee the repayment of a sum raised under sections 14.6 and 14.7, the payment of interest on the sum, including interest on overdue interest and the payment of a premium.
(2) A guarantee given under this section shall be in a form approved by the Minister of Finance and the form of guarantee shall be signed on behalf of the province by the Minister of Finance whose signature may be engraved, lithographed or otherwise mechanically reproduced on the bonds, debentures, notes or other securities in respect of which the guarantee is given.
(3) A payment that the Crown may be required to make pursuant to a guarantee under this Act shall be paid by the Minister of Finance out of the Consolidated Revenue Fund of the province or it may be paid out of funds provided in the manner prescribed by section 55 of the Financial Administration Act.
14.9 The corporation shall, not later than November 30 in each year, provide to the minister a budget containing the estimated capital and operating expenses of the corporation for the next succeeding financial year.
Order of Lieutenant-Governor in Council
14.10 (1) An order of the Lieutenant-Governor in Council that restricts in whole or in part the powers of the directors of the corporation to manage the business and affairs of the corporation is valid.
(2) To the extent that an order of the Lieutenant-Governor in Council restricts the discretion of the directors of the corporation to manage the business and affairs of the corporation, the directors are relieved of their duties and liabilities to the same extent.
By-laws and meetings
14.11 (1) The board may make by-laws generally for the conduct and management of the affairs of the corporation.
(2) The board shall meet at least once annually and shall, in accordance with the by-laws of the corporation, meet at those other times that the board considers necessary to carry out the duties, powers and obligations of the corporation.
14.12 The financial year of the corporation shall be the same as the financial year of the government of the province.
14.13 The auditor general shall audit the annual financial statements of the corporation.
14.14 Money held by the corporation may only be invested in a class or classes of securities authorized for the investment of money in the Consolidated Revenue Fund under section 15 of the Financial Administration Act.
14.15 (1) The corporation shall, in accordance with this Act provide financial assistance to a qualifying student who has been issued a certificate of eligibility in an amount that shall not exceed the amount stated on that certificate.
(2) The corporation may, upon the instruction of the minister and in accordance with the regulations, credit or debit a borrower's account with the corporation.
(3) The corporation may pay all or a portion of financial assistance provided under subsection (1) on behalf of a student to the educational institution attended by the student and the receipt of that educational institution for the payment made is a sufficient discharge to the corporation for the amount set out in that receipt with respect to that student's financial assistance.
Report to minister
14.16 (1) The board shall, not later than June 30 in each year, prepare and submit to the minister a financial statement setting out the assets and liabilities of the corporation, including a copy of the corporation's audited financial statement, and in addition the board shall provide a summary of the amounts used for student loans, grants, bursaries and scholarships and the receipts and expenditures of the corporation for the previous financial year.
(2) The minister shall include the financial statement referred to in subsection (1) with the report required to be prepared and tabled under section 19.
(3) The financial statement referred to in this section shall be signed by the chairperson and one member of the board and certified by the auditor general and shall have attached to it the report that the auditor general has made to the corporation.
(4) The board shall provide to the minister other information that the minister may request for the purpose of his or her report required under section 19.
12. The Act is amended by adding immediately before section 15 the following:
13. (1) Paragraphs 15(1)(d) and (f) of the Act are amended by adding immediately before the word "loans" wherever it occurs, the word "student".
(2) Paragraph 15(1)(g) of the Act is amended by adding immediately before the word "board" wherever it occurs the word "appeal".
(3) Subsection 15(1) of the Act is amended by adding immediately after paragraph (g) the following:
(g.1) respecting the information to be provided by students, qualifying students and borrowers with respect to their obtaining financial assistance;
(g.2) respecting applications for student loans and other financial assistance;
(4) Paragraph 15(1)(h) of the Act is amended by adding immediately before the word "loan" wherever it occurs, the word "student".
14. Subsection 16(1) of the Act is repealed and the following substituted:
Lieutenant-Governor in Council regulations
16. (1) The Lieutenant-Governor in Council may make regulations
(a) to establish requirements for the designation of educational institutions and the standards and requirements necessary to maintain that designation;
(b) to establish circumstances and conditions under which a designation as an educational institution may be revoked and reinstated;
(c) respecting the manner of calculation, total amount and payment of student loans and other financial assistance;
(d) respecting the terms and conditions under which a student loan or other financial assistance may be provided and the information, terms and conditions to be stated in student loan agreements;
(e) respecting interest free periods, payment deferrals for student loans, student loan forgiveness and remission, debt reduction, grant programs, interest relief and debt relief relating to death or disability;
(f) respecting the assignment, transfer or sale of student loans;
(g) adopting provisions of the federal Act and regulations made under that Act and respecting the application of those provisions;
(h) determining the period during which financial assistance is to be provided;
(i) determining who are borrowers for the purposes of this Act;
(j) respecting interest rates, amortization and repayment of student loans and other financial assistance;
(k) respecting set off, write-offs, overawards and the recovery of money owed to the corporation and to the Crown;
(l) respecting the terms of repayment of student loans under student loan agreements referred to in section 17.1; and
(m) generally to give effect to the purpose of this Act.
(1.1) Regulations made under this section may establish different requirements for different classes of student loan agreements and lenders.
15. Section 17 of the Act is repealed and the following substituted:
Procedures, fees and forms
17. (1) The minister may establish policies and procedures for the purpose of the administration and implementation of this Act and regulations.
(2) The minister may set fees and establish forms for the purpose and administration of this Act.
16. The Act is amended by adding immediately after section 17 the following:
Acquired student loan terms
17.1 The terms and conditions of a student loan assigned to the corporation on or before April 1, 2004 may, notwithstanding any term or condition of a student loan agreement applicable to that student loan, be established or varied in accordance with the regulations to facilitate administrative integration.
17.1.1 (1) Where the total amount required to be paid under the borrower's loans administered under the integration agreement has increased as a result of a change to the terms and conditions of those loans to facilitate administrative integration, the corporation shall upon repayment in full of those loans refund to the borrower the amount of the increase.
(2) Notwithstanding subsection 19.1(2), a borrower may take an action against the corporation to recover a refund under subsection (1).
17.1.2 In sections 17.1 and 17.1.1
(a) "administrative integration" means "administrative integration" as defined in the integration agreement; and
(b) "integration agreement" means the Canada-Newfoundland and Labrador Agreement for the Administrative Integration of the Canada Student Loans Program and the Newfoundland and Labrador Student Financial Assistance Program.
Liability of minors
17.2 (1) A qualifying student under 19 years of age at the time of entering into a student loan agreement is bound by that agreement, and this Act applies as if he or she had attained the age of majority at the time when the contractual liability under that agreement arose.
(2) Subsection (1) applies to a student loan agreement notwithstanding that the agreement was entered into with a lender before the coming into force of this section.
Financial assistance not chargeable etc.
17.3 (1) Money that is financial assistance paid or payable under this Act shall not be charged, attached, anticipated or given as security and is exempt from execution, seizure or attachment and a transaction purporting to assign, charge, attach, anticipate or give as security such financial assistance is void, except where this section is overridden by a provision of another Act.
(2) A notice of garnishment received by the corporation with respect to money received by the corporation to repay a student loan is void.
Subrogation and collection
17.4 (1) Where the corporation or the Crown has paid money to a lender to fulfil the obligations of a borrower under a student loan, the corporation or the Crown has the same right to collect from the borrower the amount paid to the lender and interest that the lender would have had if the corporation or the Crown had not made that payment. ("to pay" - removed)
(2) Money owed to the Crown under an agreement, including a student loan agreement, by subrogation or otherwise under this Act, may be collected as a civil debt owed to the Crown.
(3) Money owed to the corporation under an agreement, including a student loan agreement, by subrogation or otherwise under this Act may be collected as a civil debt owed to the corporation.
(4) Where a student loan is assigned to the corporation by a lender, the corporation has the right to collect from the borrower of that student loan the total amount required to be paid by the borrower under the terms of the student loan agreement, as amended by this Act, notwithstanding a payment made by the Crown under an agreement with that lender.
(5) Notwithstanding a provision of another Act, where a borrower is
(a) in default of a student loan owed to the corporation; or
(b) indebted to the Crown with respect to a payment under subsection (1),
the Minister of Finance may recover the amount owed by the borrower from a refund or repayment that may otherwise be made under the Income Tax Act (Canada) or under the Income Tax Act, 2000.
(6) In a proceeding in a court for the recovery of money owed to the corporation or to the Crown arising out of an agreement or otherwise under this Act, a copy of the account stating the amount owed to the corporation or the Crown may be signed and certified by an officer of the corporation designated by the board or by the minister as the case may be, and where signed and certified is, in the absence of evidence to the contrary, evidence of the amount due and payable without further proof that that money is owed and without proof of the signature and certification of the officer or minister.
(7) This section applies to payments of the Crown to a lender with respect to a student loan obligation incurred by a borrower whether that obligation arose before or after the coming into force of this section.
(8) This Act shall not affect a remedy of the Crown or the corporation that is available under another Act or law of the province for the recovery of or enforcement of a payment of money.
17.5 For the purpose of the assignment of a borrower's student loan from
(a) a financial institution to the corporation;
(b) the Crown to the corporation; or
(c) the corporation to the Crown,
the notice requirement of paragraph 103(1)(b) of the Judicature Act shall be considered to be satisfied notwithstanding that express written notice has not been given to the borrower, trustee or other person from whom the assignee is entitled to receive or claim the student loan debt.
17.6 (1) The corporation may, subject to the approval of the Lieutenant-Governor in Council, negotiate and accept a settlement of a debt or claim due or made by or on behalf of the corporation in full settlement of that debt or claim.
(2) The corporation may, upon the recommendation of the Treasury Board negotiate and accept a settlement of a debt or claim due or made on behalf of the corporation in full settlement of that debt or claim where each settlement results in a deficit of $5,000 or less.
(3) The Treasury Board may authorize the corporation, in accordance with rules that the Treasury Board may establish, to negotiate and accept a settlement of a debt or claim due or made by or on behalf of the corporation in full settlement of that debt or claim where each settlement results in a deficit of $1,000 or less.
17.7 (1) Where it appears unlikely that an amount due to the corporation will be paid but the amount has not been settled under section 17.6, 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) The writing off of a deficit under subsection (1) or (2) 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.
Consequences of breach
17.8 (1) Where a person is convicted of an offence under this Act, the Canada Student Loans Act (Canada) or the federal Act
(a) no financial assistance is payable to that person or to his or her benefit on or after the date of conviction; and
(b) the corporation or the minister may demand that the person repay to the corporation financial assistance including interest and interest subsidies paid to or for the benefit of the person.
(2) Where the minister or the corporation determines that a person has contravened this Act, breached a term of an agreement entered into by the person or provided false or misleading information with respect to obtaining financial assistance
(a) the minister or the corporation may, in accordance with the regulations, demand payment of all or a part of financial assistance made to that person; and
(b) where payment is demanded under paragraph (a), the financial assistance or a part of it is due and payable, together with interest on any outstanding balance of a student loan.
(3) This section does not affect the validity or enforceability of a guarantee provided to a financial institution.
17. The Act is amended by adding immediately after section 19 the following:
19.1 (1) An action shall not lie or be instituted against an officer or employee of the corporation or the department, a member of the appeal board, the board, a director, the corporation, the Crown or another person authorized to fulfil a responsibility under this Act for a loss or damage suffered by a person in respect of an act done or omitted to be done pursuant to or in the exercise or supposed exercise of a power, function or duty conferred or imposed under this Act.
(2) An action shall not lie against the corporation or the Crown for damages or a loss arising out of the application of section 17.1.
18. Section 20 of the Act is repealed and the following substituted:
20. This Act applies to a student loan agreement and to a student loan made before August 1, 2002 and to a student loan agreement and a student loan made from that date until the coming into force of this section as if that agreement or loan were made under this Act.
19. This Act shall come into force on March 29, 2004.
©Earl G. Tucker, Queen's Printer