Student Aid Act

Short title

1 This Act may be cited as the Student Aid Act. R.S., c. 449, s. 1.

Interpretation

2 In this Act,

(a) "certificate" means a certificate of eligibility for a loan guaranteed by the Province;

(b) "Committee" means Nova Scotia Student Aid Committee appointed in accordance with this Act;

(c) "credit institution" means a chartered bank or such credit unions as are designated by the Minister;

(d) "Minister" means the Minister of Advanced Education and Job Training;

(e) "student" means a person enrolled in a course of studies at an educational institution, both the course and the institution having been approved by the Committee. R.S., c. 449, s. 2.

Right to apply for certificate

3 A student who is resident in the Province and who wishes to borrow money from a credit institution may apply to the Minister for a certificate. R.S., c. 449, s. 3.

Guarantee

4 Where a credit institution makes a loan to a student in accordance with a certificate purporting to be issued to the student and signed

(a) by the Minister, or a person designated in writing by the Minister to sign certificates; and

(b) by a person designated in writing by the chief administrative officer of the educational institution in which the student is enrolled,

and accepted in good faith by the credit institution, the Province hereby guarantees the repayment of the principal and interest. R.S., c. 449, s. 4.

Payment of interest

5 The Minister of Finance shall pay to a credit institution, in respect of each loan contracted by a student and guaranteed by the Province under Section 4, interest on that loan on the terms, in the manner and at the rate prescribed in the regulations. R.S., c. 449, s. 5.

Liability of minor

6 A student under nineteen years is bound by a loan contracted by him under Section 3 and the provisions of this Act apply as if he were of full age at the time the contractual liability arose. R.S., c. 449, s. 6.

Subrogation

7 Where the Province pays money under a guarantee, the Province is subrogated to the rights of the credit institution. R.S., c. 449, s. 7.

Agreements

8 The Minister may

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

(b) with the approval of the Governor in Council, enter into arrangements with the Government of Canada or any province to facilitate the administration or enforcement of this Act. R.S., c. 449, s. 8.

Source of funds

9 (1) The money required to carry out this Act shall be paid out of moneys appropriated by the Legislature for the purpose.

(2) repealed 1993, c. 44, s. 1.

R.S., c. 449, s. 9; 1993, c. 44, s. 1.

False statements

10 (1) Any person who orally or in writing intentionally makes any false statement or misrepresentation or gives any false or misleading information for the purpose of obtaining a certificate or loan is guilty of an offence and liable on summary conviction to a fine not exceeding one thousand dollars.

Limitation period

(2) A prosecution for an offence may be instituted at any time within three years of the commission of the offence but not thereafter. R.S., c. 449, s. 10.

Regulations

11 The Governor in Council may make regulations

(a) specifying the form and content of the certificate and the terms and conditions under which it is granted;

(b) defining "resident";

(c) fixing the rate of interest payable by the Province on loans;

(d) fixing the maximum rate of interest, the repayment of which the Province will guarantee on behalf of a student;

(e) prescribing guidelines on which a certificate may be granted, including the amount and duration;

(f) prescribing the matters referred to in Section 5;

(g) providing for the payment of fees, costs, expenses or disbursements, legal or otherwise, incurred by credit institutions in endeavouring to recover loans guaranteed under this Act and the determination of the basis on which the payments are to be made;

(h) prescribing such other measures as the Governor in Council considers appropriate for carrying out this Act. R.S., c. 449, s. 11.

Existing guarantees

12 All guarantees made and delivered to a credit institution by the Minister in respect of loans made to students and guaranteed by the Minister or the Province prior to the effective date of this Act are hereby ratified and confirmed and shall for all purposes be treated as if the said guarantees had been given pursuant to the provisions of this Act. R.S., c. 449, s. 12.

Agreements

12A (1) The Minister may enter into an agreement with a credit institution whereby, in consideration of the payment of a fee by the Minister to the credit institution, the credit institution assumes all responsibility for the collection of the principal of or interest on a loan made pursuant to this Act.

Guarantee discontinued

(2) Where the Minister enters into an agreement with a credit institution pursuant to subsection (1), then, notwithstanding Section 4, the repayment of the principal and interest of any loan to which the agreement applies is not guaranteed by the Province. 1993, c. 44, s. 2.

Nova Scotia Student Aid Committee

13 (1) The Governor in Council may appoint a Nova Scotia Student Aid Committee composed of such number of persons as he considers advisable and may appoint one of the members to be Chairman of the Committee.

Honoraria and expenses

(2) The Governor in Council may authorize reimbursement to the members of the Committee for expenses necessarily incurred by them in performing their duties and may pay such honoraria to such members as the Governor in Council sees fit. R.S., c. 449, s. 13.

Duties of Committee

14 The Committee shall

(a) perform such duties as are assigned to it by the Governor in Council and the Minister;

(b) assist and advise the Minister in the administration of this Act;

(c) inquire into and advise the Minister on any matters or aspects pertaining to student aid; and

(d) generally perform such other duties as the Governor in Council or the Minister directs. R.S., c. 449, s. 14.

Regulations

15 The Governor in Council, upon the recommendation of the Minister, may make regulations concerning the following:

(a) the establishment of programs to provide financial aid to students enrolled in post-secondary educational institutions;

(b) the administration in the Province of the Canada Student Loans Act and any regulations and plans thereunder or any similar type plan substituted for that now in effect under the Canada Student Loans Act;

(c) such other matters as are necessarily incidental to or related to the intent and purpose of this Act or are required to implement this Act or regulations made hereunder. R.S., c. 449, s. 15.

Regulations respecting interest

16 (1) Notwithstanding the terms and conditions of a certificate, whether issued before or after the coming into force of this Section, or the terms and conditions of any grant or payment made pursuant to the regulations, whether made before or after the coming into force of this Section, the Governor in Council may make regulations to provide that interest is payable to the Province in respect of

(a) a loan guaranteed by the Province pursuant to this Act and in default;

(b) the overpayment or mistaken payment of a grant or payment made pursuant to the regulations that has not been repaid; or

(c) any amount paid pursuant to this Act or the regulations that is outstanding.

Rate

(2) Regulations made pursuant to subsection (1) shall prescribe the rate of interest payable.

Assessment and collection

(3) The Minister shall assess and collect any interest owing pursuant to regulations made pursuant to this Section.

Pre-regulation interest

(4) For greater certainty, nothing in this Section authorizes the collection of interest in respect of any period before the coming into force of the regulations made pursuant to this Section.

Other payments unaffected

(5) For greater certainty, nothing in this Section affects the payment of interest payable pursuant to some authority other than this Section. 1993, c. 44, s. 3.