EXPLANATORY NOTE
This Explanatory Note was written as a reader’s aid to Bill 19 and does not form part of the law. Bill 19 has been enacted as Chapter 6 of the Statutes of Ontario, 2001.
The purpose of the Bill is to amend the Ministry of Training, Colleges and Universities Act to permit the Minister of Training, Colleges and Universities to make direct loans to students of post-secondary institutions and enter into agreements regarding student loan arrangements. The bill will allow the Minister of Finance to assign, transfer or sell student loans. The bill will permit the Lieutenant Governor in Council to prescribe persons or entities to be financial institutions and criteria to be used to determine students’ eligibility for awards, grants or student loans. The bill will permit the Lieutenant Governor in Council to further prescribe terms of agreements regarding student loans and the assignment, transfer or sale of student loans.