Short Title

Marginal note:Short title

1 This Act may be cited as the Canada Student Loans Act.

Interpretation

Marginal note:Definitions

• 2 (1) In this Act,

  appropriate authority

  autorité compétente

  appropriate authority for a province means such person, body or authority as may be designated by the lieutenant governor in council of that province as the appropriate authority for that province for the purposes of this Act; (autorité compétente)

  borrower

  emprunteur

  borrower means a person to whom a loan is made by a lender under this Act; (emprunteur)

  certificate of eligibility

  certificat d’admissibilité

  certificate of eligibility means a certificate in prescribed form issued or caused to be issued by an appropriate authority pursuant to section 14; (certificat d’admissibilité)

  guaranteed student loan

  prêt garanti

  guaranteed student loan means a loan made in accordance with the requirements of section 7; (prêt garanti)

  lender

  prêteur

  lender means

  • (a) a bank or an authorized foreign bank within the meaning of section 2 of the Bank Act,

  • (b) a credit union, caisse populaire or other cooperative credit society that is designated by the Minister on the application of that society as a lender for the purposes of this Act, or

  • (c) a company within the meaning of the Trust and Loan Companies Act, or a company, society or provincial company within the meaning of the Insurance Companies Act, that is designated by the Minister on the application of that company, society or provincial company as a lender for the purposes of this Act; (prêteur)

  loan year

  année de prêt

  loan year means the period commencing on August 1 in any year and ending on July 31 in the following year; (année de prêt)

  Minister

  ministre

  Minister means the Minister of Human Resources Development; (ministre)

  period of studies

  période d’études

  period of studies means a period of studies at a specified educational institution in a course that is recognized by that educational institution and the appropriate authority for the province to be equivalent to a course that may be taken by a full-time student at that institution as part of a program of studies of at least twelve consecutive weeks duration; (période d’études)

  prescribed

  Version anglaise seulement

  prescribed, in the case of a form or the information to be given on a form, means prescribed by the Minister and, in any other case, means prescribed by the regulations; (Version anglaise seulement)

  qualifying student

  étudiant admissible

  qualifying student means a person

  • (a) who is a Canadian citizen or a permanent resident within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act,

  • (b) who is qualified for enrolment or is enrolled at a specified educational institution as a full-time or part-time student for a period of studies at a post-secondary school level, and

  • (c) who intends to attend at a specified educational institution as a full-time or part-time student for a period of studies described in paragraph (b) if it is financially possible for that person to do so; (étudiant admissible)

  specified educational institution

  établissement d’enseignement agréé

  specified educational institution means an institution of learning, whether within or outside a province, that offers courses at a post-secondary school level and that is designated by the lieutenant governor in council of that province, either particularly or as a member of a class, as a specified educational institution within the meaning of this Act. (établissement d’enseignement agréé)

• Marginal note:Territories

  (2) In its application to Yukon, the Northwest Territories and Nunavut, the expression lieutenant governor in council in this Act means the Commissioner of Yukon, the Northwest Territories or Nunavut, acting after consultation with the Legislative Assembly of Yukon, the Council of the Northwest Territories or the Legislative Assembly of Nunavut, as the case may be.

Application

Marginal note:Certificates of eligibility

• 2.1 (1) No certificate of eligibility may be issued under this Act after the day on which section 12 of the Canada Student Financial Assistance Act comes into force.

• Marginal note:Alternative payments

  (2) No payment may be made under section 16 of this Act for the loan year in which section 14 of the Canada Student Financial Assistance Act comes into force, or for any following loan year.

Guaranteed Student Loans

Marginal note:Maximum amount of loan

• 3 (1) Subject to this Act and the regulations, a guaranteed student loan may be made by a lender to a qualifying student for a period of studies in an amount not exceeding

  • (a) in the case of a full-time student, one hundred dollars per week; or

  • (b) in the case of a part-time student, an amount that results in the aggregate of outstanding principal of guaranteed student loans made to that borrower as a part-time student being equal to two thousand five hundred dollars.

• Marginal note:Adjustment of maximum

  (2) For any loan year, the Minister may adjust the amount of one hundred dollars per week referred to in paragraph (1)(a) or the amount of two thousand five hundred dollars referred to in paragraph (1)(b), or both of those amounts, by multipliers equal to or smaller than the multipliers calculated in accordance with formulas prescribed to reflect annual changes in the average cost to students of pursuing in Canada studies at a post-secondary school level.

• Marginal note:Publication of maximum

  (3) The Minister shall cause to be published in the Canada Gazette, before the commencement of each loan year, the amounts referred to in subsection (2) as adjusted pursuant to that subsection for that loan year.

Periods Free of Interest or Repayment

Marginal note:Interest-free period for full-time students

• 4 (1) Subject to the regulations, no interest is payable by a borrower on a guaranteed student loan made before August 1, 1993 to a full-time student in respect of

  • (a) any period of studies during which the borrower is a full-time student; or

  • (b) any subsequent period ending on the last day of the sixth month after the month in which the borrower ceases to be a full-time student.

• Marginal note:Idem

  (2) Subject to the regulations, no interest is payable by a borrower on a guaranteed student loan made on or after August 1, 1993 to a full-time student in respect of

  • (a) any period of studies during which the borrower is a full-time student; or

  • (b) any subsequent period ending on the last day of the month in which the borrower ceases to be a full-time student.

• Marginal note:Idem

  (3) Notwithstanding subsection (1) but subject to the regulations, where a borrower has ceased to be a full-time student as described in that subsection and thereafter again becomes a full-time student, no interest is payable by the borrower on a guaranteed student loan made and consolidated before August 1, 1993 in respect of the period commencing on the prescribed day and ending on the last day of the sixth month after the month in which the borrower again ceases to be a full-time student.

• Marginal note:Idem

  (4) Notwithstanding subsection (1) but subject to the regulations, where a borrower has ceased to be a full-time student as described in that subsection and thereafter again becomes a full-time student, no interest is payable by the borrower on a guaranteed student loan made before August 1, 1993 and consolidated after that day in respect of the period commencing on the prescribed day and ending on the last day of the month in which the borrower again ceases to be a full-time student.

Marginal note:Payment deferred for full-time students

5 Subject to the regulations, no amount on account of principal or interest in respect of a guaranteed student loan made to a full-time student is required to be paid by the borrower until the last day of the seventh month after the month in which the borrower ceases to be a full-time student.

Liability of the Minister

Marginal note:Interest payable by Minister

• 6 (1) The Minister shall pay to a lender, in respect of each guaranteed student loan made by that lender to a full-time student, interest at the prescribed rate in respect of any period or periods described in section 4 in respect of which no interest is payable by the borrower on the loan.

• Marginal note:Idem

  (2) No interest is payable by the Minister to a lender pursuant to subsection (1) in respect of a guaranteed student loan, in respect of any period before the obligation of the borrower to that lender in respect of the loan has commenced or after that obligation has ceased.

Marginal note:Guarantee by Minister

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

• (a) the loan was made pursuant to an application to a lender, signed by the borrower, stating that the borrower has not received any other loan pursuant to the certificate of eligibility referred to in paragraph (b), or pursuant to any other certificate of eligibility relating to the period of studies specified in the certificate of eligibility referred to in paragraph (b), except any such loan the amount of which, when added to the amount of the loan applied for, did not exceed the applicable loan limit set out in section 3 for that period of studies;

• (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;

• (c) the amount of the loan did not exceed the lesser of the amount set out in the certificate of eligibility and the applicable loan limit set out in section 3 for the relevant period of studies;

• (d) no fee, service charge or charge of any kind, other than interest calculated in the prescribed manner and on the prescribed amount and not exceeding the prescribed rate, was by the terms of the loan payable in respect of the loan, except as provided in the regulations in any case where the borrower is in default;

• (e) the loan was repayable in full by the terms thereof

  • (i) in the case of a loan made to a full-time student, subject to the regulations, in accordance with practices of the lender in respect of repayment, subject to the right of the borrower to repay at any time all or any part of the principal amount of the loan outstanding at that time and any interest then accrued, and

  • (ii) in the case of a loan made to a part-time student, within a period of not more than two years after the loan was made, subject to the right of the borrower to repay at any time all or any part of the principal amount of the loan outstanding at that time and any interest then accrued; and

• (f) the loan was made in accordance with an agreement in prescribed form between the borrower and the lender making the loan, containing

  • (i) in the case of a loan made to a full-time student, provisions respecting payment of the principal amount of the loan and interest thereon by the borrower as described in sections 4 and 5, and such other provisions as may be prescribed, or

  • (ii) in the case of a loan made to a part-time student, such provisions as may be prescribed.

Marginal note:Payments in respect of errors

7.1 Subject to the regulations, the Minister may pay to a lender the amount of the loss sustained by it as a result of a loan made to a qualifying student if an error concerning the rate of interest or the amount to be repaid was made by the lender in drawing up the agreement for the loan and the Minister considers that the error was inadvertent and that the loss was not affected by the error.

Marginal note:Payment to lenders for collection

8 The Minister may pay to a lender a prescribed amount in respect of any sum collected by the lender on behalf of Her Majesty from a borrower after any payment is made by the Minister to the lender pursuant to section 7, in respect of a guaranteed student loan made to that borrower.

Special Interest-free Periods

9 [Repealed, 1994, c. 28, s. 23]

Marginal note:Special interest-free periods

10 Where a special interest-free period is granted under any regulations made pursuant to section 11,

• (a) the borrower may, during that period, be required to pay only a portion of the interest in respect of that period; and

• (b) the Minister shall pay to a lender, in respect of that period, interest at the rate prescribed or determined pursuant to paragraph 17(e).

• (c) [Repealed, 1998, c. 21, s. 101]

Marginal note:Regulations

11 The Governor in Council may make regulations providing for the establishment and operation of a program to provide special interest-free or interest-reduced periods to borrowers, including the terms and conditions of the granting or termination of the periods, the making, continuation or alteration of agreements between borrowers and lenders when the periods are granted or terminated and the authorization of lenders to grant or terminate the periods and otherwise administer the program.

Death or Disability of Borrower

Marginal note:Death of borrower

• 12 (1) All rights of a lender against a borrower in respect of a guaranteed student loan terminate in the event of the death of the borrower, and the Minister shall pay to any lender whose rights against a borrower are terminated under this section the amount of principal and interest determined in prescribed manner to have been payable by the borrower at the time of the borrower’s death.

• Marginal note:Undisclosed death or disappearance of borrower

  (2) Notwithstanding subsection (1), where a borrower to whom a guaranteed student loan has been made by a lender

  • (a) dies and notice of the borrower’s death is not received by the lender within thirty days of the day of death, or

  • (b) disappears under circumstances that, in the opinion of the Minister, raise beyond a reasonable doubt a presumption that the borrower is dead,

  the Minister shall pay to the lender the amount of principal and interest determined in prescribed manner to have been payable by the borrower on such day after the borrower’s death or disappearance as the Minister may fix, and all rights of the lender against that borrower in respect of that guaranteed student loan terminate on that day.

Marginal note:Permanent disability of borrower

• 13 (1) Where the Minister is satisfied, on the basis of prescribed information provided by or on behalf of a borrower, that the borrower, by reason of permanent disability, is or will be unable to repay a guaranteed student loan without exceptional hardship, taking into account the borrower’s family income, all rights of any lender against the borrower in respect of that guaranteed student loan terminate, and the Minister shall pay to any lender whose rights against a borrower are terminated under this section the amount of principal and interest determined in prescribed manner to have been payable by the borrower at the time the borrower provided the Minister with the information required under this section.

• Marginal note:Meaning of certain expressions

  (2) The Governor in Council may make regulations defining the expressions "permanent disability" and "family income" for the purposes of subsection (1).

Certificates of Eligibility

Marginal note:Issue of certificates

• 14 (1) Subject to section 15, the appropriate authority for a province may issue or cause to be issued a certificate of eligibility for a period of studies to a qualifying student whom that authority considers

  • (a) to have attained a satisfactory scholastic standard; and

  • (b) to be in need of a loan for that period of studies.

• Marginal note:Required amount to be specified

  (2) A certificate of eligibility shall contain a statement of the amount of the loan, not exceeding the applicable limit under section 3 for the relevant period of studies, that, in the opinion of the appropriate authority issuing the certificate or causing it to be issued, is needed to enable the qualifying full-time or part-time student to pursue, for that period, a program of studies, or part thereof, at a post-secondary school level at the educational institution specified in the certificate.

Marginal note:Limitation on aggregate amount

• 15 (1) The appropriate authority for a province shall not issue or cause to be issued any certificate of eligibility in a loan year if, as a result thereof, the aggregate of the amounts set out in the certificates of eligibility issued or caused to be issued by that authority in that loan year would exceed the aggregate of

  • (a) the provincial allocation for that province for that loan year, and

  • (b) the supplementary allocation, if any, for that province for that loan year, determined by the Minister pursuant to subsection (4).

• Marginal note:Calculation of provincial allocation

  (2) The provincial allocation for a province for a loan year is an amount, as determined by the Minister after consultation with the Chief Statistician of Canada, equal to the aggregate of

  • (a) the product obtained by multiplying ninety-five per cent of the basic loan provision for that loan year by a fraction of which

    • (i) the numerator is the estimated number of persons in that province that, on the first day of that loan year, have attained eighteen years of age and have not attained twenty-five years of age, and

    • (ii) the denominator is the estimated number of persons in Canada, on the first day of that loan year, of the same age group, and

  • (b) the product obtained by multiplying five per cent of the basic loan provision for that loan year by a fraction of which

    • (i) the numerator is the estimated number of persons who were enrolled as part-time students for a period of studies in that province in the previous loan year, and

    • (ii) the denominator is the estimated number of persons who were enrolled as part-time students for a period of studies in Canada in the previous loan year.

• Marginal note:Calculation of loan provision

  (3) The basic loan provision for any loan year is an amount, as determined by the Minister after consultation with the Chief Statistician of Canada, equal to the product obtained by multiplying

  • (a) five hundred and thirty million dollars

    by

  • (b) the quotient obtained by dividing the estimated number of persons in Canada that will be enrolled as full-time students in programs of studies at a post-secondary school level in that loan year by the number of persons in Canada that were enrolled as full-time students in programs of studies at a post-secondary school level in the loan year commencing in 1983

    by

  • (c) the multiplier, if any, by which the amount set out in paragraph 3(1)(a) is adjusted for that loan year in accordance with subsection 3(2).

• Marginal note:Calculation of supplementary allocation

  (4) The Minister may, on application therefor by the government of a province, determine a supplementary allocation for that province for any loan year in an amount not exceeding

  • (a) thirty per cent of the basic loan provision for that loan year, as determined pursuant to subsection (3),

  minus

  • (b) the aggregate of all other supplementary allocations for provinces for that loan year, determined by the Minister pursuant to this subsection.

Alternative Payments

Marginal note:Alternative payment

• 16 (1) Where the government of a province has, at least twelve months before the commencement of a loan year, informed the Minister in writing that a provincial student loan plan will be in operation in that province in that loan year and that no appropriate authority for that province will be designated for that loan year for the purposes of this Act, the Minister shall pay to the province, not later than six months after the end of that loan year, an alternative amount calculated as provided in this section.

• Marginal note:Calculation of payment

  (2) An alternative amount for a province for a loan year beginning before August 1, 1991 is the amount, as determined by the Minister after consultation with the Chief Statistician of Canada, obtained by

  • (a) multiplying

    • (i) subject to subsection (3), the aggregate of all amounts paid by the Minister in that loan year to lenders pursuant to sections 6, 7, 8, 12 and 13 and paragraph 10(b) and to collection agencies in respect of guaranteed student loans made pursuant to certificates of eligibility issued or caused to be issued by the appropriate authorities for participating provinces that issued or caused to be issued such certificates in that loan year, minus all amounts collected by or on behalf of Her Majesty in that loan year in respect of those loans,

    by

    • (ii) the quotient obtained by dividing

      • (A) the estimated number of persons in that province that, on the first day of that loan year, have attained eighteen years of age and have not attained twenty-five years of age,

      by

      • (B) the estimated number of persons, in provinces the appropriate authorities for which issued or caused to be issued certificates of eligibility in that loan year, that, on the first day of that loan year, have attained eighteen years of age and have not attained twenty-five years of age; and

  • (b) subtracting from the product obtained under paragraph (a) the result obtained when that product is multiplied by the quotient obtained by dividing

    • (i) the total amount of guaranteed student loans authorized by that province in the preceding three years

    by

    • (ii) the total amount of guaranteed student loans authorized by all participating provinces in the same period.

• Marginal note:Exception

  (3) The amounts described in subparagraph (2)(a)(i) that were paid or collected in respect of a loan made to a part-time student or that were paid under paragraph 10(b) shall be included in the calculation set out in subparagraph (2)(a)(i) only if the government of the province satisfies the Minister that the provincial student loan plan includes provisions having substantially the same effect as the provisions of this Act relating to loans to part-time students or to the granting of special interest-free periods to borrowers respectively.

• Marginal note:Calculation of payment

  (4) An alternative amount for a province for a loan year beginning on or after August 1, 1991 (in this subsection referred to as the “current loan year”) is the amount, as determined by the Minister after consultation with the Chief Statistician of Canada, obtained by

  • (a) multiplying

    • (i) the net per capita costs for participating provinces for the loan year beginning on August 1, 1990

    by

    • (ii) the product obtained by multiplying the estimated number of persons in that province who, on the first day of the current loan year, have attained eighteen years of age and have not attained twenty-five years of age by the escalator determined under subsection (5) for each loan year in the period beginning on August 1, 1991 and ending on July 31 of the current loan year; and

  • (b) subtracting from the product obtained under paragraph (a), the net costs for that province for the current loan year.

• Marginal note:Escalator

  (5) For the purposes of subparagraph (4)(a)(ii),

  • (a) subject to paragraph (b), the escalator for a loan year is a fraction of which

    • (i) the numerator is the net per capita costs for participating provinces for that loan year, and

    • (ii) the denominator is the net per capita costs for participating provinces for the previous loan year; and

  • (b) the escalator for the first loan year in which a provincial student loan plan will be in operation in the province and no appropriate authority for the province will be designated for the purposes of this Act is a fraction of which

    • (i) the numerator is the net per capita costs for participating provinces for that first loan year, and

    • (ii) the denominator is the net per capita costs for the previous loan year for provinces that are participating provinces in that first loan year.

• Marginal note:Definitions

  (6) In this section,

  net costs

  net costs, for a province for a loan year, means, subject to subsection (7), the amount by which

  • (a) the estimated aggregate of all amounts paid by the Minister in that loan year to lenders pursuant to sections 6, 7, 8, 12 and 13 and paragraph 10(b), and to collection agencies, in respect of guaranteed student loans made pursuant to certificates of eligibility issued or caused to be issued in any loan year by the appropriate authority for that province

  exceeds

  • (b) the estimated aggregate of all amounts received by or on behalf of Her Majesty in that loan year, including any amount received pursuant to the Financial Administration Act, in respect of the loans referred to in paragraph (a); (coûts nets)

  net per capita costs

  net per capita costs, for participating provinces for a loan year, means the fraction of which

  • (a) the numerator is the amount by which the total program net costs for that loan year exceeds the aggregate of the net costs for that loan year for all provinces that are not participating provinces in that loan year, and

  • (b) the denominator is the estimated number of persons in the participating provinces who, on the first day of the loan year, have attained eighteen years of age and have not attained twenty-five years of age; (coûts nets par tête)

  total program net costs

  total program net costs, for a loan year, means the amount by which

  • (a) the aggregate of all amounts paid by the Minister in that loan year to lenders pursuant to sections 6, 7, 8, 12 and 13 and paragraph 10(b), and to collection agencies, in respect of guaranteed student loans made pursuant to certificates of eligibility issued or caused to be issued in any loan year by the appropriate authorities for participating provinces

  exceeds

  • (b) the aggregate of all amounts received by or on behalf of Her Majesty in that loan year, including any amount received pursuant to the Financial Administration Act, in respect of the loans referred to in paragraph (a). (coûts nets totaux du programme)

• Marginal note:Exception

  (7) The amounts described in paragraphs (a) and (b) of the definition net costs in subsection (6) that were paid or received in respect of a loan made to a part-time student or that were paid under paragraph 10(b) shall be included in the calculation described in that definition only if the government of the province satisfies the Minister that the provincial student loan plan includes provisions having substantially the same effect as the provisions of this Act relating to loans to part-time students or to the granting of special interest-free periods to borrowers respectively.

Regulations

Marginal note:Regulations

17 The Governor in Council may make regulations

• (a) [Repealed, 1993, c. 12, s. 9]

• (b) prescribing in accordance with paragraph 7(f) the provisions to be included in agreements between borrowers and lenders relating to guaranteed student loans;

• (c) providing for the alteration of agreements between borrowers and lenders and prescribing the conditions and consequences of those alterations;

• (d) providing for the assignment or transfer by lenders of agreements between borrowers and lenders and prescribing the conditions and consequences of such assignments or transfers;

• (e) prescribing, for the purposes of section 6, the rate of interest, or the manner of determining the rate of interest, payable by the Minister on a guaranteed student loan or a class of guaranteed student loans;

• (f) prescribing, for the purposes of paragraph 7(d),

  • (i) the manner of calculating the interest and the amount on which it is to be calculated, and

  • (ii) the rate of interest or the manner of determining the rate of interest;

• (g) prescribing, in the event of default in the repayment of a guaranteed student loan, the measures to be taken by the lender and the procedures to be followed for the collection of the amount of the loan outstanding and accrued interest;

• (h) prescribing, for the purpose of section 7 or 7.1, the method of determining the amount of any loss sustained by a lender;

• (i) prescribing the procedure to be followed by a lender in making a claim against the Minister;

• (j) respecting the subrogation of Her Majesty to the rights of a lender with respect to a guaranteed student loan;

• (k) prescribing the maximum number of periods of studies that may elapse after which, notwithstanding anything in this Act, the principal amount of a guaranteed student loan made to a full-time student and interest thereon shall commence to be payable by the borrower;

• (l) respecting, for the purposes of subparagraph 7(e)(i), criteria, parameters, or the incorporation by reference of such established lender practices as are specified, in respect of the repayment of guaranteed student loans made to full-time students;

• (m) prescribing circumstances, related to the conduct of a student in obtaining or repaying a guaranteed student loan, under which a new loan may be denied to a student or a borrower’s right to an interest-free period pursuant to section 4 or to a special interest-free period pursuant to section 9 may be revoked by the Minister;

• (n) prescribing the period within which a lender shall make a claim against the Minister in respect of the amount of any loss sustained as a result of a guaranteed student loan and prescribing the amount or proportion by which any amount to be paid by the Minister to a lender pursuant to section 7 shall be reduced where the lender fails to make a claim within the prescribed period;

• (o) prescribing the formulas referred to in subsection 3(2);

• (p) providing for reports to be made to the Minister for the purposes of this Act and prescribing the kind of information to be included in those reports;

• (q) providing for the exchange of information and records between persons, bodies or authorities in respect of guaranteed student loans;

• (q.1) providing, in respect of student loans made to full-time and part-time students, for the gratuitous payment, including the method of calculating it, whether conditionally or unconditionally, by the Minister to lenders of amounts in respect of those loans, and for the discharge of those loans to the extent of those amounts;

• (r) defining the expressions "full-time student", "part-time student" and "responsible officer of a lender" for the purposes of this Act;

• (r.1) prescribing the circumstances in which a borrower ceases to be a full-time student;

• (s) providing, notwithstanding section 15, for the adjustment of the amount of the provincial allocation for a province for any loan year, in any case where the aggregate of the amounts set out in certificates of eligibility issued or caused to be issued by the appropriate authority for the province for a previous year exceeded the aggregate of the amounts referred to in paragraphs 15(1)(a) and (b) applicable to that province for that previous year;

• (t) prescribing any other matter or thing that under this Act is to be prescribed by the regulations; and

• (u) generally, for carrying into effect the purposes and provisions of this Act.

Forms

Marginal note:Forms

17.1 The Minister may prescribe

• (a) any form or other document that is by this Act or the regulations to be prescribed by the Minister; and

• (b) the information to be included in any document referred to in paragraph (a), in addition to the information otherwise required by this Act or the regulations to be included therein.

Offence and Punishment

Marginal note:False statement or information

• 18 (1) Every person who, in respect of a guaranteed student loan, knowingly makes any false statement or misrepresentation in an application or other document or wilfully furnishes any false or misleading information is guilty of an offence under this Act and liable on summary conviction to a fine not exceeding one thousand dollars.

• Marginal note:Limitation period

  (2) A prosecution for an offence under this Act may be instituted at any time within but not later than six years after the time when the subject-matter of the complaint arose.

General

Marginal note:Right of recovery by lender

19 A guaranteed student loan made by a lender to a borrower not of full age, and interest thereon other than interest payable under section 6, is recoverable by the lender from the borrower as though the borrower had been of full age at the time the loan was made.

Marginal note:Authority to enter into arrangements

20 The Minister may

• (a) enter into arrangements with any department, board or agency of the Government of Canada or any other public or private organization or agency to assist the Minister in carrying out the purposes and provisions of this Act; and

• (b) with the approval of the Governor in Council, enter into arrangements with the government of any province to facilitate the administration or enforcement of this Act.

Marginal note:Payment out of C.R.F.

21 Any amount payable by the Minister under this Act may be paid by the Minister out of the Consolidated Revenue Fund.

Marginal note:Report to Parliament

22 The Minister shall each year prepare a report with respect to the administration of this Act during the loan year that ended in the immediately preceding year, and shall cause the report to be laid before Parliament on any of the first fifteen days that either House of Parliament is sitting after the report is completed.

Marginal note:Repeal

23 This Act is repealed on a day to be fixed by order of the Governor in Council.