O. Reg. 280/13: PRESCRIBED FINANCIAL INSTITUTIONS AND ONTARIO STUDENT LOANS MADE AFTER JULY 31, 2001

Link to law: http://www.ontario.ca/laws/regulation/r13280
Published: 2013-10-21

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Français

ONTARIO REGULATION 280/13

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 O. Reg. 268/01

(PRESCRIBED FINANCIAL INSTITUTIONS AND ONTARIO STUDENT LOANS MADE AFTER JULY 31, 2001)

1. Paragraph 2 of subsection 8 (2) of Ontario Regulation 268/01 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. Paragraph 4 of subsection 14 (3) of the Regulation is amended by striking out “has been convicted of” and substituting “has been found guilty of”.

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

Exception

30.3 (1) Despite subsection 30 (1), an individual is not required to pay interest under a student loan agreement, a master student loan agreement or a consolidated loan agreement until the first day of the 13th month immediately following the month in which the individual ceased to be a qualifying 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 service provider before the end of the six-month period set out in subsection 30 (1).

(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).

4. Section 33 of the Regulation is amended by adding the following subsection:

(9.2) After the Minister considers the particular facts and the special circumstances of an individual and his or her expected contributors, if any, the Minister may determine that clauses (8) (a) and (b) do not apply with respect to the individual or his or her expected contributors.

Commencement

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

Français