7 Subject to this Act and the regulations, the Minister is liable to pay to a lender the amount of any loss sustained by it as a result of a loan made to a qualifying student if
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(b) the loan was made to a borrower who filed with the lender making the loan a document that purported to be and was accepted by a responsible officer of that lender, in good faith, as a certificate of eligibility issued or caused to be issued by an appropriate authority relating to that borrower for the period of studies specified in that certificate;
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