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Student Loan Scheme Act 2011

Preliminary matters, loan advances, and New Zealand-based and overseas-based borrowers - Establishment of student loan

11: Commissioner must confirm information provided by loan manager

You could also call this:

"IRD checks if student loan info is correct"

When someone applies for a student loan, the loan manager gives information about the applicant to the Commissioner. The Commissioner then has to check if this information matches what they already have. If the information is different, the Commissioner must tell the loan manager what's different.

The Commissioner and the loan manager can decide together how often they will share this information, what it will look like, and how they will send it to each other. They write down their agreement about these details.

Even though there's another rule (in section 211) about how information should be shared, the Commissioner and loan manager can choose their own way of formatting and sending the information for this specific task.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3885519.

Topics:
Education and learning > Higher educationMoney and consumer rights > Banking and loans
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"You get a copy of your student loan agreement soon after signing"

Part 1Preliminary matters, loan advances, and New Zealand-based and overseas-based borrowers
Establishment of student loan

11Commissioner must confirm information provided by loan manager

  1. The Commissioner must notify the loan manager—

  2. whether the information that is provided in accordance with section 10 about an applicant for a student loan is consistent with the information held by the Commissioner; and
    1. if the information differs from that held by the Commissioner, of the matter in relation to which the information differs.

      1. The Commissioner and the loan manager may, for the purpose of this section, determine by written agreement between them—

      2. the frequency with which that notification must be supplied; and
        1. the form in which that notification must be supplied; and
          1. the method by which that notification must be supplied.

            1. Subsection (2)(b) and (c) apply despite section 211.