STUDENTS' LOAN FUND ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Establisment of Students, Loan Fund

   4   Establishment of the Students' Loan Bureau

   5   Establishment of Students' Loan Council

   6   Power of Minister to issue general directions on matters of policy

   7   Functions of the Bureau

   8   Rate of interest

   9   Exemption from income tax, stamp duty and other fees

   10   Regulations

   11   Examination as to application of money lent

   12   Notice of Bureau upon an examination under section 11

   13   Misapplication of loan

   14   Offences

   15   Recovery of debts

      SCHEDULES

 

THE STUDENTS' LOAN FUND ACT

[Date of Commencement: 1st July, 1971]

Acts
13 of 1971,
16 of 1996.

1   Short title

   This Act may be cited as the Students' Loan Fund Act.

2   Interpretation

   In this Act, unless the context otherwise requires-

   "approved financial institution" means a financial institution approved by the Minister by order to borrow sums from the Bureau and to make loans to approved students for the purposes of this Act;

[16/1996 s 2(a).]

    "approved student" means a student who is enrolled or has been accepted for enrolment at a specified educational institution in a prescribed course of studies;

   "borrower" means an approved financial institution or, as the case may be;

[16/1996 s 2(b).]

   "Bureau" means the Students' Loan Bureau established under section 4;

   "Council" means the Students' Loan Council established under section 5

   "financial institution" means-

   (a)   a bank licensed under the Banking Act;

   (b)   a company licensed under the Financial Institutions Act;

   (c)   a co-operative society registered under the Co-operative Societies Act;

[16/1996 s 2(a).]

   "functions" includes duties and powers;

   "loan" means-

   (a)   a sum of money lent by the Bureau to-

         (i)   an approved financial institution; or

         (ii)   an approved student;

   (b)   unless the context otherwise requires, a sum of money lent by an approved financial institution to an approved student and derived from monies lent to the institution by the Bureau;

[16/1996 s 2(a).]

   "specified educational institution" means an institute of learning, whether within or outside of Jamaica, which offers training in a prescribed course of study and which is designated by the Bureau as a specified educational institution for the purposes of this Act.

3   Establishment of Students Loan Fund

   (1) There shall be established for the purposes of this Act, a Students' Loan Fund (hereinafter referred to as "the Fund").

   (2) The resources of the Fund shall comprise-

   (a)   such moneys as may from time to time be placed at its disposition for the purposes of this Act by Parliament,

   (b)   sums derived from monies raised by the Bureau from time to time for-

         (i)   making loans or grants to approved students for educational purposes; or

         (ii)   making loans to approved financial institutions for re-loan to approved students for such purposes;

[16/1996 s 3(a).]

   (c)   sums entrusted to the Bureau for-

         (i)   making loans or grants to approved students for educational purposes; or

         (ii)   making loans to approved financial institutions for re-loan to approved students for such purposes;

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