• (iii) principal and interest on a student loan made by the lender to a borrower whose obligations in respect of the loan are terminated in the circumstances set out in section 10 or 11,

• Marginal note:Financial terms and conditions

  (2) Any terms and conditions in the agreement that could have a financial impact on Her Majesty in right of Canada are subject to approval by the Governor in Council, on the recommendation of the Minister with the concurrence of the Minister of Finance.

Marginal note:Suspension or denial of financial assistance

6.4 The Minister may suspend or deny the provision of financial assistance to all those who are qualifying students in relation to a designated educational institution if the Minister is satisfied that there are compelling reasons to believe that the provision of the financial assistance would

• (a) facilitate the commission by the designated educational institution of an offence under this Act or any other Act of Parliament; or

• (b) expose the qualifying students or Her Majesty in right of Canada to significant financial risk.

Marginal note:Death of borrower

• 10. (1) All obligations of a borrower in respect of a student loan prescribed by regulations made under paragraph 15(1)(j) terminate if the borrower dies, and in that event the Minister shall pay to the lender the amounts referred to in subparagraph 5(a)(iii).

• Marginal note:Death of borrower before this subsection in force

  (2) If a borrower dies before this subsection comes into force, then all obligations of that borrower in respect of such a student loan terminate on the day on which this subsection comes into force.

Marginal note:Requirement to provide information or documents

• 16.3 (1) For the purpose of verifying compliance or preventing non-compliance with this Act, the Minister may, by notice served personally or by confirmed delivery service, require any person who has received financial assistance to provide to the Minister, within the time and in the manner that are stipulated in the notice, any information or document that is in their possession or to which they could reasonably be expected to have access.

• Marginal note:Copies as evidence

  (2) When a document is provided in accordance with subsection (1), the Minister may make, or cause to be made, one or more certified copies of it and any such copy is evidence of the nature and content of the original document and has the same probative force as the original document would have if it were proven in the ordinary way.

Marginal note:False statement or information

• 17. (1) Every person who, in respect of a student loan or other financial assistance to a student, knowingly makes any false statement or misrepresentation, including by omission, in an application or other document or knowingly provides any false or misleading information, including by omission, is guilty of an offence and liable on summary conviction to a fine not exceeding $1,000.

• Marginal note:Limitation period

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

Marginal note:Administrative measures

• 17.1 (1) If a person, in respect of a student loan or other financial assistance to a student, knowingly makes any false statement or misrepresentation, including by omission, in an application or other document or knowingly provides any false or misleading information, including by omission, the Minister may

  • (a) deny the person financial assistance or a certificate of eligibility for a prescribed period;

  • (b) deny the person an interest-free period referred to in subsection 7(1) for a prescribed period, or terminate the interest-free period;

  • (c) deny the person the deferral of payments of principal or interest under section 8 for a prescribed period, or terminate the deferral;

  • (d) deny the person payments of interest under subsection 9(2) for a prescribed period, or terminate the payments;

  • (e) deny the person a gratuitous payment referred to in paragraph 15(1)(l);

  • (f) deny the person special interest-free or interest-reduced periods referred to in paragraph 15(1)(n) for a prescribed period, or terminate the interest-free period or the interest-reduced period;

  • (g) deny the person repayment of a student loan on an income-contingent basis referred to in paragraph 15(1)(o) for a prescribed period, or terminate repayment on an income-contingent basis;

  • (h) require the person to immediately repay any outstanding amount of a student loan that they obtained by reason of the false statement or misrepresentation or the false or misleading information; or

  • (i) require the person to immediately repay any grant that they obtained by reason of the false statement or misrepresentation or the false or misleading information.

• Marginal note:Outstanding student loans

  (2) If, before the day on which this section comes into force, a person knowingly made any false statement or misrepresentation, including by omission, in an application or other document or knowingly provided any false or misleading information, including by omission, in respect of a student loan that is outstanding on that day, the Minister may take any measure set out in paragraphs (1)(a) to (h).

• Marginal note:Notice

  (3) The Minister may not take any measure under subsection (1) or (2) without having given the person 60 days’ notice of the Minister’s intention to take the measure.

• Marginal note:Submissions

  (4) The person may make submissions to the Minister in respect of the measure at any time.

• Marginal note:Rescission or modification of measure

  (5) The Minister may rescind or modify a measure taken under subsection (1) or (2) if new facts are presented or the Minister considers that the measure was taken without knowledge of some material fact or on the basis of a mistake concerning one.

• Marginal note:Limitation

  (6) The Minister may not take any measure under subsection (1) or (2) later than five years after the day on which the Minister becomes aware of the false statement or misrepresentation or the false or misleading information.

Marginal note:Chief Actuary to report

• 19.1 (1) The Chief Actuary of the Office of the Superintendent of Financial Institutions shall, no later than July 31, 2009, prepare and submit to the Minister a report on financial assistance provided under this Act in the loan year that ended on July 31, 2008.

• Marginal note:Subsequent reports

  (2) The Chief Actuary shall, no later than three years after the end of the loan year during which he or she previously submitted a report to the Minister under subsection (1) or under this subsection, prepare and submit to the Minister a subsequent report on financial assistance provided under this Act in the loan year or years since the last loan year covered by the previous report. The report shall cover a period that ends on the end of the loan year that precedes the submission of the report.

• Marginal note:Contents of report

  (3) The Chief Actuary shall include the following in a report made under this section:

  • (a) an actuarial estimate of the current costs of financial assistance provided under this Act, and of revenues from that assistance;

  • (b) an actuarial forecast of the costs of financial assistance that is to be provided under this Act for the 25 years that follow the last loan year that is covered by the report, and of revenues from that assistance; and

  • (c) an explanation of all of the actuarial and economic assumptions and the actuarial methodology used in the preparation of the report.

• Marginal note:Report to be laid before Parliament

  (4) The Minister shall cause the report to be laid before the Senate and the House of Commons on the day after the day on which the report is submitted or, if that House is not then sitting, on any of the first 15 days afterwards that it is sitting.

Marginal note:Death of borrower

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

• Marginal note:Undisclosed death of borrower

  (2) If the borrower dies and notice of the borrower’s death is not received by the lender within 30 days after the day of death, then, despite subsection (1), the day on which the amount is determined in the prescribed manner to have been payable is a day that is fixed by the Minister in accordance with the regulations.

• Marginal note:Disappearance of borrower

  (3) If a borrower disappears under circumstances that, in the opinion of the Minister, raise a presumption that the borrower is dead, then all the borrower’s obligations in respect of a guaranteed student loan terminate on the day on which the Minister forms that opinion, and the Minister shall pay to any lender whose rights against the borrower are terminated under this subsection the amount of principal and interest determined in the prescribed manner to have been payable by the borrower on a day that is fixed by the Minister in accordance with the regulations.

• Marginal note:Death of borrower before this subsection comes into force

  (4) If, before the day on which this subsection comes into force, a borrower dies or the Minister forms an opinion under paragraph (2)(b) as it read immediately before that day, then all the borrower’s obligations in respect of a guaranteed student loan terminate on that day.

• Marginal note:Date fixed is after this subsection comes into force

  (5) However, if the Minister fixes a day under subsection (2) — as it read immediately before this subsection comes into force — that is later than the day on which this subsection comes into force, then the day that is fixed is the day on which the amount of principal and interest is determined in the prescribed manner to be payable under subsection (2) or (3).