Canada Student Financial Assistance Act

Marginal note:Agreement with service provider

• 6.2 (1) The Minister may enter into an agreement with any corporation incorporated under the laws of Canada or a province and carrying on business in Canada (a “service provider”), respecting the administration of student loans made, or other forms of financial assistance provided, by the Minister. An agreement may provide for, but is not limited to, the following matters:

  • (a) disbursing student loans or other forms of financial assistance on behalf of the Minister;

  • (b) audits and adjustments in respect of payments made by the Minister under the agreement;

  • (c) the manner of calculating the interest payable by the Minister to the service provider, including the amount on which interest is to be calculated and the rate of interest or the manner of determining the rate of interest;

  • (d) the procedures to be followed by the service provider in making, collecting or otherwise dealing with a student loan and other forms of financial assistance;

  • (e) the making of reports to the Minister respecting student loans and other forms of financial assistance;

  • (f) the terms and conditions respecting the obligations of the Minister and the service provider under the agreement; and

  • (g) the payment of compensation by the Minister to the service provider for the administration of student loans and other forms of financial assistance.

• Marginal note:Receipt and Deposit of Public Money Regulations, 1997

  (2) Despite section 3 of the Receipt and Deposit of Public Money Regulations, 1997, the portion of the following money that is public money and is collected or received electronically by a service provider that has entered into an agreement under subsection (1) shall be paid to the credit of the Receiver General by depositing it, within two business days after the day of collection or receipt, in an account established under subsection 17(2) of the Financial Administration Act:

  • (a) money collected or received as repayment of financial assistance, as repayment of a guaranteed student loan as defined in subsection 2(1) of the Canada Student Loans Act or as payment of interest owing on that assistance or loan; and

  • (b) interest received by the service provider on the money referred to in paragraph (a).

• Meaning of business day

  (3) In this section, business day means a day other than a Saturday or a holiday.