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O. Reg. 74/17: MEDICAL RESIDENT LOANS
filed March 10, 2017 under Ministry of Training, Colleges and Universities Act, R.S.O. 1990, c. M.19
Skip to contentontario regulation 74/17
made under the
Ministry of Training, Colleges and Universities Act
Made: March 8, 2017
Filed: March 10, 2017
Published on e-Laws: March 13, 2017
Printed in The Ontario Gazette: March 25, 2017
Amending O. Reg. 312/10
(Medical Resident Loans)
1. (1) The definitions of “lender” and of “Ontario Student Loan Trust” in section 1 of Ontario Regulation 312/10 are revoked.
(2) Section 1 of the Regulation is amended by adding the following definitions:
“2001 Regulation” means Ontario Regulation 268/01 (Ontario Student Loans Made August 1, 2001 to July 31, 2017), made under the Act; (“Règlement de 2001”)
“2017 Regulation” means Ontario Regulation 70/17 (Ontario Student Grants and Ontario Student Loans), made under the Act; (“Règlement de 2017”)
2. Section 3 of the Regulation is revoked.
3. Paragraph 5 of section 6 of the Regulation is revoked and the following substituted:
5. The medical resident is not the subject of a period of ineligibility for a student loan under,
i. section 42.1 of the 2001 Regulation, or
ii. section 16 of the 2017 Regulation.
4. (1) Subsection 7 (1) of the Regulation is amended by striking out “for the medical resident loan” at the end and substituting “indicating the amount of the medical resident loan that shall be issued to the medical resident upon the conditions in subsection (5) being met”.
(2) Subsection 7 (2) of the Regulation is amended by striking out the portion before clause (a) and substituting the following:
(2) Despite subsection (1), the Minister may refuse to issue a medical resident loan to a medical resident who,
. . . . .
(3) Clause 7 (5) (b) of the Regulation is amended by adding “completed” before “statement of verification”.
5. Subsection 8 (1) of the Regulation is amended by striking out “a lender” and substituting “the Minister”.
6. (1) Subsection 9 (1) of the Regulation is amended by striking out the portion before clause (a) and substituting the following:
Repayment agreement
(1) A medical resident (borrower) who enters into a medical resident loan agreement with the Minister shall enter into a repayment agreement with the Minister within 30 days of,
. . . . .
(2) Subsection 9 (3) of the Regulation is amended by striking out “the lender” and substituting “the Minister”.
(3) Subsection 9 (4) of the Regulation is amended by striking out “the lender” and substituting “the Minister”.
(4) Subsection 9 (7) of the Regulation is amended by striking out “the lender” wherever it appears and substituting in each case “the Minister”.
7. (1) Subsection 10 (1) of the Regulation is amended by striking out “the lender” wherever it appears and substituting in each case “the Minister”.
(2) Subsection 10 (2) of the Regulation is amended by striking out “the lender” wherever it appears and substituting in each case “the Minister”.
(3) Subsection 10 (3) of the Regulation is amended by striking out the portion before clause (a) and substituting the following:
(3) The Minister may require a financial institution to make payments on a borrower’s medical resident loan from an account at the institution that the borrower has identified to the Minister if,
. . . . .
(4) Clause 10 (3) (a) of the Regulation is amended by striking out “the lender” wherever it appears and substituting in each case “the Minister”.
(5) Clause 10 (3) (b) of the Regulation is amended by striking out “the lender” wherever it appears and substituting in each case “the Minister”.
(6) Subsection 10 (4) of the Regulation is amended by striking out “the lender” and substituting “the Minister”.
(7) Subsection 10 (5) of the Regulation is revoked and the following substituted:
(5) Sections 12 and 13 apply to terms of repayment established by the Minister under this section as though they were a repayment agreement.
8. (1) Subsection 12 (1) of the Regulation is amended by striking out “Payments of principal and interest by a borrower” at the beginning and substituting “The accrual of interest on a borrower’s medical resident loan and the payments of principal by a borrower”.
(2) The definition of “qualifying student” in subsection 12 (2) of the Regulation is revoked and the following substituted:
“qualifying student” means a qualifying student under the 2001 Regulation or the 2017 Regulation.
(3) Subsection 12 (3) of the Regulation is revoked.
(4) Subsection 12 (6) of the Regulation is amended by striking out the portion before clause (a) and clause (a) and substituting the following:
(6) If the borrower had entered into a master student loan agreement in accordance with the 2001 Regulation during his or her period of return to studies, then upon ceasing to be a qualifying student,
(a) the borrower shall enter into a consolidated loan agreement with the Minister in accordance with section 28 of the 2001 Regulation with respect to the student loans to which the master student loan agreement relates; and
(5) Section 12 of the Regulation is amended by adding the following subsection:
(7) If the borrower had entered into a master student financial assistance agreement in accordance with the 2017 Regulation during his or her period of return to studies, then upon ceasing to be a qualifying student,
(a) the borrower shall enter into a consolidated loan agreement with the Minister in accordance with section 28 of the 2017 Regulation with respect to the student loans to which the master student financial assistance agreement relates; and
(b) the payment obligations under the consolidated loan agreement are independent of the obligations to repay the medical resident loan under the repayment agreement.
9. Subsection 13 (4) of the Regulation is amended by striking out “the lender” and substituting “the Minister”.
10. (1) Clause 14 (1) (b) of the Regulation is amended by striking out “Ontario Regulation 268/01 (Ontario Student Loans made after July 31, 2001) made under the Act” and substituting “the 2001 Regulation”.
(2) Clause 14 (1) (c) of the Regulation is amended by striking out “Ontario Regulation 268/01” and substituting “the 2001 Regulation”.
(3) Subsection 14 (2) of the Regulation is amended by striking out “Ontario Regulation 268/01” and substituting “the 2001 Regulation”.
(4) Subsection 14 (3) of the Regulation is amended by striking out “Ontario Regulation 268/01” and substituting “the 2001 Regulation”.
11. (1) Clause 15 (1) (b) of the Regulation is amended by striking out “the lender” and substituting “the Minister”.
(2) Subsection 15 (3) of the Regulation is amended by striking out “the lender” and substituting “the Minister”.
12. Section 16 of the Regulation is revoked.
13. (1) Subsection 17 (1) of the Regulation is amended by striking out “or lender” wherever it appears.
(2) Subsection 17 (2) of the Regulation is amended by striking out “the service provider or lender” and substituting “the Minister, or the service provider with the approval of the Minister,” and by striking out “with the approval of the Minister” at the end.
14. Sections 18 and 19 of the Regulation are revoked and the following substituted:
Officers authorized to issue certificates
18. The Deputy Minister of the Ministry and the Director of the Student Financial Assistance Branch of the Ministry are authorized to approve medical resident loans under section 8 of the Act.
Authority of service providers
19. A service provider may act on behalf of the Minister in exercising rights and performing duties under this Regulation, if authorized to do so by the Minister.
Commencement
15. This Regulation comes into force on the day it is filed.