Apprentice Loans Regulations (SOR/2014-255)

Marginal note:New payment-deferred period

• 4.1 (1) Subject to subsections (4) and (6), if the period during which no amount on account of principal or interest in respect of an apprentice loan is required to be paid ended under paragraph 4(1)(b) because of the occurrence of an event described in paragraph 6(2)(a) or (h), a new period begins when the conditions set out in paragraphs 7(1)(a) and (b) are met.

• Marginal note:Bankruptcy or insolvency

  (2) Subject to subsections (4) and (6), if the period during which no amount on account of principal or interest in respect of an apprentice loan is required to be paid ended under paragraph 4(1)(b) because of the occurrence of an event described in any of paragraphs 6(2)(b) to (f), a new period begins when one of the conditions described in any of paragraphs 7(2)(a) to (d) occurs.

• Marginal note:Offence related to loan

  (3) Subject to subsections (4) and (6), if the period during which no amount on account of principal or interest in respect of an apprentice loan is required to be paid ended under paragraph 4(1)(b) because of the occurrence of an event described in paragraph 6(2)(g), a new period begins when the conditions set out in paragraphs 7(3)(a) to (d) are met.

• Marginal note:Borrower who was a minor

  (4) If the period during which no amount on account of principal or interest in respect of an apprentice loan is required to be paid ended under paragraph 4(1)(b) and the borrower was a minor when they received an apprentice loan and has refused to ratify that loan as an adult, a new period begins when the borrower ratifies that loan and, to the extent that they apply, the conditions set out in subsection (1), (2) or (3) are met.

• Marginal note:Repayment assistance

  (5) Subject to subsection (6), if the period during which no amount on account of principal or interest in respect of an apprentice loan is required to be paid ended under paragraph 4(1)(b) because of the occurrence of an event described in paragraph 6(2)(i), the borrower is entitled to a new period during which no amount on account of principal or interest in respect of an apprentice loan is required to be paid when they have paid in full the outstanding balance of their apprentice loans.

• Marginal note:Judgment

  (6) If a judgment has been obtained against a borrower, a new period does not begin unless the borrower has been released from that judgment and, to the extent that they apply, the conditions set out in subsection (1), (2) or (3) are met.