23.4 A branch of a lender shall not, on its own initiative, transfer a borrower's outstanding guaranteed student loan agreements unless written notice of the transfer has been provided to the borrower.
- SOR/95-331, s. 12.
PAYMENT ON DEATH OR DISAPPEARANCE
24. (1) Where the lender is entitled to payment pursuant to section 12 of the Act, the lender shall provide to the Minister, as the case may be,
(a) evidence of the death of the borrower; or
(b) evidence of the circumstances under which the borrower disappeared.
(2) For the purposes of subsection 12(1) of the Act, the amount that the Minister shall pay to a lender in respect of a guaranteed student loan shall be the amount of the outstanding balance of principal and accrued interest payable by the borrower on the day of the borrower's death.
(3) For the purposes of subsections 12(2) and (3) of the Act, the amount that the Minister shall pay to a lender in respect of a guaranteed student loan on any day after a borrower’s death or disappearance that the Minister may fix shall be equal to the amount of the outstanding balance of principal and accrued interest payable by the borrower on that day.
(4) Where the rights of a lender against a borrower are terminated pursuant to section 12 of the Act, any security taken by the lender from the borrower with respect to the guaranteed student loan shall be transferred to the estate of the borrower.
- SOR/2010-144, s. 3.
PAYMENT ON SEVERE PERMANENT DISABILITY
25. For the purposes of subsection 13(1) of the Act, “severe permanent disability” means a functional limitation caused by a physical or mental impairment that prevents a borrower from performing the daily activities necessary to participate in studies at a post-secondary school level and the labour force and is expected to remain with the person for their expected life.
- SOR/2009-212, s. 14.
26. For the purposes of subsection 13(1) of the Act, the prescribed information is
(a) a statement signed by a responsible officer of a lender to which the borrower is indebted under the guaranteed student loan, that certifies the amount of principal outstanding on the loan at the time the statement is made, the rate of interest payable on the loan and the date from which such interest is accruing on the loan;
(b) a statement signed by a qualified medical practitioner that the borrower suffers from a severe permanent disability; and
(c) a statement signed by or on behalf of the borrower setting out the borrower’s income.
- SOR/2009-212, s. 15.
27. If, pursuant to subsection 13(1) of the Act, the Minister is satisfied that a borrower, by reason of a severe permanent disability, is or will never be able to repay a guaranteed student loan, the Minister shall notify
(a) the borrower; and
(b) any lender whose rights against the borrower terminate pursuant to that subsection.
- SOR/2009-212, s. 16.
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