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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

17: Loan manager must transfer loan advance debts to Commissioner for collection

You could also call this:

"Loan manager sends your student loan debt to the tax office for collection"

When you get a student loan advance, the person managing your loan (called the loan manager) has to do two things. First, they need to send the debt to the Commissioner so they can collect it. Second, they need to tell the Commissioner who the debt belongs to.

The loan manager and the Commissioner can decide together how often they will do this, what form they'll use to transfer the information, and how they'll do it. They need to write down their agreement about these things.

The way they decide to transfer the information and tell each other about it can be different from what it says in section 211 of the law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3885522.

Topics:
Education and learning > Higher educationMoney and consumer rights > Banking and loans
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16A: Loan manager must notify Commissioner of any details held about borrower’s contact person, or

"Loan company tells tax office about your helper's details"

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18: Commissioner must notify borrowers of loan advances, or

"The government lets you know when they start looking after your student loan"

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

17Loan manager must transfer loan advance debts to Commissioner for collection

  1. After a loan advance is made or charged to a borrower, the loan manager must—

  2. transfer the loan advance debt to the Commissioner for collection; and
    1. notify the Commissioner of the borrower to whom that debt belongs.

      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 transfers must occur; and
        1. the form in which transfers and notification must occur; and
          1. the method by which transfers and notification must occur.

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

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