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Canada Student Loans Regulations (SOR/93-392)

Regulations are current to 2019-07-29 and last amended on 2013-01-01. Previous Versions

Subrogation

  •  (1) Notwithstanding subsections 28(2) and (5), where, under the Act or these Regulations, the Minister pays to a lender the amount of loss sustained by the lender as a result of a guaranteed student loan, Her Majesty is subrogated in and to all the rights of the lender in respect of the guaranteed student loan and, without limiting the generality of the foregoing, all rights and powers of the lender in respect of

    • (a) the guaranteed student loan,

    • (b) any judgment obtained by the lender in respect of the loan, and

    • (c) any security held by the lender for the repayment of the loan,

    are vested in Her Majesty and Her Majesty is entitled to exercise all the rights, powers and privileges that the lender had or may exercise in respect of the loan, judgment or security, including the right to commence or continue any action or proceeding, to execute any release, transfer, sale or assignment, or in any way collect, realize or enforce the loan, judgment or security.

  • (2) Where the Minister pays a claim for loss pursuant to section 7.1 of the Act, the Minister shall be subrogated in and to all the rights of the lender in accordance with subsection (1) to the extent of the amount of the payment made to the lender under that section, including interest accrued and accruing from the applicable day referred to in paragraph 28(4)(b) at the rate of interest determined in accordance with subsection 28.1(4) and the amounts determined in accordance with paragraphs 28(4)(c) and (d).

  • SOR/95-331, s. 16

 [Repealed, SOR/2009-212, s. 18]

 [Repealed, SOR/2009-212, s. 18]

 [Repealed, SOR/96-369, s. 27]

Reports to the Minister

  •  (1) Every lender shall furnish to the Minister

    • (a) within the 30 days next following the last day of March and the last day of July of each year, a report showing the total of all guaranteed student loans made by the lender that are outstanding at the end of those months; and

    • (b) as frequently as the Minister may require, copies of all documents relating to outstanding guaranteed student loans made by the lender.

  • (2) The Minister may require an appropriate authority for a province to provide a copy of any document that was issued by or on behalf of that appropriate authority in connection with a guaranteed student loan.

  • (3) The Minister may require an appropriate authority for a province, to account to the Minister, during July of each year, in a manner satisfactory to the Minister, for the number of certificates of eligibility that were issued by it during the previous loan year.

  • (4) The Minister may require a lender or an appropriate authority for a province to furnish the Minister with any relevant information respecting guaranteed student loans authorized by the appropriate authority.

 
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