O. Reg. 281/13: ONTARIO STUDENT LOANS MADE BEFORE AUGUST 1, 2001

Link to law: http://www.ontario.ca/laws/regulation/r13281
Published: 2013-10-21

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ONTARIO REGULATION 281/13

made under the

MINISTRY OF TRAINING, COLLEGES AND UNIVERSITIES ACT

Made: October 9, 2013
Filed: October 21, 2013
Published on e-Laws: October 21, 2013
Printed in The Ontario Gazette: November 9, 2013


Amending Reg. 774 of R.R.O. 1990

(ONTARIO STUDENT LOANS MADE BEFORE AUGUST 1, 2001)

1. Paragraph 2 of subsection 1.2 (2) of Regulation 774 of the Revised Regulations of Ontario, 1990 is revoked and the following substituted:

2. A private post-secondary educational institution that is authorized under the Post-secondary Education Choice and Excellence Act, 2000 to operate or maintain a university or to provide all or part of a program leading to a degree.

2. The Regulation is amended by adding the following section:

Exception

16.3 (1) Despite subsection 16 (5), an individual is not required to pay interest on a student loan in respect of the period from the day he or she ceases to be a student to the last day of the 12th month after the month in which he or she ceases to be a student where the Minister determines that,

(a) the individual is the sole or joint owner or controlling shareholder of a business operating in Ontario;

(b) the business was started or acquired by the individual in the calendar year in which the individual submits his or her application under this section or within the two previous calendar years;

(c) the business is registered with the Canada Revenue Agency; and

(d) the individual is working a minimum of 30 hours per week in the business.

(2) To be eligible for a determination under subsection (1), an individual must submit a completed application form, as approved by the Minister, to the bank to which his or her obligations under the student loan are owed before the end of the six-month period set out in subsection 16 (5).

(3) The application form shall include an attestation, in a form approved by the Minister, that is to be completed by the applicant attesting that he or she meets the requirements set out in subsection (1).

Commencement

3. This Regulation comes into force on the day it is filed.

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