[37] Bill 19 Royal Assent (PDF)
Bill 19 2001
An Act to amend
the Ministry of Training,
Colleges and Universities Act
Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:
1. (1) The definition of "financial institution" in section 1 of the Ministry of Training, Colleges and Universities Act is amended by striking out "or a credit union or caisse populaire incorporated or registered under the Credit Unions and Caisses Populaires Act" and substituting "a credit union or caisse populaire incorporated or registered under the Credit Unions and Caisses Populaires Act, 1994 or such other persons or entities as may be prescribed by regulation".
(2) Section 1 of the Act, as amended by the Statutes of Ontario, 2000, chapter 36, section 3, is further amended by adding the following definition:
"student loan" means a loan made under subsection 7.1 (1) or guaranteed under subsection 8 (1). ("prêt d'études")
2. The Act is amended by adding the following section:
Loans to students
7.1 (1) The Minister may make loans to students of universities, colleges of applied arts and technology or other post-secondary institutions.
Terms
(2) A loan to a student may be made on such terms as may be prescribed by regulation and such other terms as the Minister considers proper.
Administration, etc.
(3) The Minister may enter into agreements with one or more persons or entities respecting the administration of loans to students and respecting such other matters relating to the loans as the Minister considers proper.
Same
(4) Agreements referred to in subsection (3) must contain such terms as may be prescribed by regulation and such other terms as the Minister considers proper.
3. (1) Subsection 8 (1) of the Act is amended by striking out "the payment of any loan" and substituting "the payment of all or any part of a loan".
(2) Subsection 8 (2) of the Act is amended by striking out "the Treasurer of Ontario" and substituting "the Minister of Finance".
4. The Act is amended by adding the following section:
Assignment, transfer or sale of student loans
8.1 The Minister of Finance may assign, transfer or sell all right or interest of the Province of Ontario in student loans to any person or entity on such terms as may be prescribed by regulation and such other terms as the Minister of Finance considers proper.
5. (1) Clauses 13 (a), (b), (c), (g), (i), (k), (l), (m), (n), (o), (p), (q), (r) and (s) of the Act, as enacted by the Statutes of Ontario, 2000, chapter 36, section 3, are repealed and the following substituted:
(a) prescribing persons or entities to be financial institutions;
(b) prescribing criteria to be used to determine students' eligibility for awards, grants or student loans;
(b.1) prescribing terms of awards, grants or student loans;
(b.2) prescribing the maximum amounts of awards, grants and student loans;
(c) prescribing terms of agreements made under subsection 7.1 (3);
. . . . .
(g) prescribing terms of agreements made under subsection 8 (1) respecting guarantees;
(g.1) prescribing terms respecting the assignment, transfer or sale of student loans;
(2) Section 13 of the Act, as enacted by the Statutes of Ontario, 2000, chapter 36, section 3, is amended by adding the following subsections:
Classes
(2) A regulation may establish different requirements for different classes of persons or entities or with respect to different types of agreements.
Subdelegation
(3) A regulation under clause 13 (b) may authorize the Minister to determine,
(a) which universities, colleges of applied arts and technology and other post-secondary institutions are eligible institutions; and
(b) which courses of study are approved courses of study.
Commencement
6. This Act comes into force on the day it receives Royal Assent.
Short title
7. The short title of this Act is the Ontario Student Loan Harmonization Act, 2001.