Advanced Search

Marginal note:New loan, interest-free period, repayment assistance

• 7 (1) Subject to subsection (6), a borrower who has been subject to a measure taken under subsection 6(3) or (4) because of the occurrence of an event described in paragraph 6(2)(a) or (h), is entitled to a new apprentice loan, another interest-free period and further repayment assistance under section 10 or 12 if

  • (a) an event described in paragraph 6(2)(g) or (i) has not occurred in respect of the borrower’s apprentice loans; and

• (2) Subject to subsection (6), a borrower who is subject to a measure taken under subsection 6(3) because of the occurrence of an event described in any of paragraphs 6(2)(b) to (f) has the rights referred to in subsection (1) if

  • (a) an event described in paragraph 6(2)(g) or (i) has not occurred in respect of the borrower’s apprentice loans;

  • [...]

  • (c) the borrower has been released from their apprentice loans for any reason other than one described in paragraph (b); or

  • (d) the borrower is released from their apprentice loans by virtue of an absolute order of discharge that has been granted under the Bankruptcy and Insolvency Act and three years have passed since the date of the order.

• (3) Subject to subsection (6), a borrower who is subject to a measure taken under subsection 6(3) or (4) because of the occurrence of the event described in paragraph 6(2)(g) has the rights referred to in subsection (1) if

  • (a) an event described in paragraph 6(2)(i) has not occurred in respect of the borrower’s apprentice loans;

  • (b) the borrower has been released from their apprentice loans that were outstanding on the day of the finding of guilt;

• [...]

• Marginal note:Rights in subsection (1) apply

  (5) Subject to subsection (6), a borrower who is subject to a measure taken under subsection 6(3) or (4) because of the occurrence of an event described in paragraph 6(2)(i) has the rights referred to in subsection (1) if the borrower has paid in full the outstanding balance of their apprentice loans.

Marginal note:Denial of loan

• [...]

• (3) Subject to subsections (5) and (7),

  • [...]

  • (b) if an event described in any of paragraphs (2)(a) to (l) occurs, the Minister may, effective on the applicable day for that event, terminate any interest-free period under all outstanding apprentice loans made to the borrower.

Marginal note:Amount determined by Minister

• [...]

• (2) In this section, total costs for a fiscal year means the amount determined by the formula

  A + B - C

  where

  A 

  is the estimated aggregate of all amounts paid by the Minister in that fiscal year to service providers under the Act and to collection agencies in respect of apprentice loans;

  B 

  is the estimated aggregate of

  • (a) the amount of interest calculated at the rate of interest referred to in subsection (3) in that fiscal year in respect of outstanding apprentice loans referred to in the description of A made under an apprentice loan agreement,

  • (b) the amount by which the outstanding principal in respect of all apprentice loans referred to in paragraph (a) has been reduced in that fiscal year in accordance with these Regulations,

  • (c) the amount of the outstanding principal and interest in respect of all apprentice loans referred to in paragraph (a) for which the borrower’s obligations have terminated in that fiscal year as a result of the death or severe permanent disability of the borrower, and

  • (d) the amount of the outstanding principal and interest in respect of all apprentice loans referred to in paragraph (a) for which the Minister has commenced collection action in that fiscal year, minus the amount of the outstanding principal and interest in respect of apprentice loans referred to in that paragraph for which the Minister has ended collection action in that fiscal year due to the occurrence of an event described in section 7 that resulted in the removal of restrictions to financial assistance; and

  C 

  is the estimated aggregate of

  • (a) the amount of interest received by or on behalf of Her Majesty in right of Canada in that fiscal year in respect of apprentice loans, and

  • (b) any amounts received by or on behalf of Her Majesty in right of Canada in that fiscal year pursuant to collection action taken by the Minister in respect of apprentice loans.

Marginal note:New loan and repayment assistance

• 7 (1) Subject to subsection (6), a borrower who has been subject to a measure taken under subsection 6(3) or (4) because of the occurrence of an event described in paragraph 6(2)(a) or (h) is entitled to a new apprentice loan and further repayment assistance under section 10 or 12 if

  • (a) an event described in paragraph 6(2)(g) or (i) has not occurred in respect of the borrower’s apprentice loans; and

• (2) Subject to subsection (6), a borrower who is subject to a measure taken under subsection 6(3) because of the occurrence of an event described in any of paragraphs 6(2)(b) to (f) has the rights referred to in subsection (1) if

  • (a) an event described in paragraph 6(2)(g) or (i) has not occurred in respect of the borrower’s apprentice loans;

  • [...]

  • (c) the borrower has been released from their apprentice loans for any reason other than one described in paragraph (b); or

  • (d) the borrower is released from their apprentice loans by virtue of an absolute order of discharge that has been granted under the Bankruptcy and Insolvency Act and three years have passed since the date of the order.

• (3) Subject to subsection (6), a borrower who is subject to a measure taken under subsection 6(3) or (4) because of the occurrence of the event described in paragraph 6(2)(g) has the rights referred to in subsection (1) if

  • (a) an event described in paragraph 6(2)(i) has not occurred in respect of the borrower’s apprentice loans;

  • (b) the borrower has been released from their apprentice loans that were outstanding on the day of the finding of guilt;

• [...]

• Marginal note:Rights in subsection (1) apply

  (5) Subject to subsection (6), a borrower who is subject to a measure taken under subsection 6(3) or (4) because of the occurrence of an event described in paragraph 6(2)(i) has the rights referred to in subsection (1) if the borrower has paid in full the outstanding balance of their apprentice loans.

[...]

Marginal note:Definitions — Act and Regulations

• [...]

• (2) The following definitions apply in these Regulations.

  Act

  Act  means the Apprentice Loans Act. (Loi)

  financial assistance

  financial assistance  means any form of financial aid provided under the Act, including apprentice loans. (aide financière)

[...]