Request to cancel subsidy
28 Request to cancel subsidy
A subsidised borrower may, by a signed request in the approved form, ask the Secretary to cancel subsidy on the borrower’s subsidised loan.
Only one request may be made in respect of any one subsidised loan.
On receipt of a request, the Secretary must, by notice of cancellation given to the subsidised borrower, cancel the subsidy accordingly.
The Secretary must cause a copy of a notice of cancellation to be given to the Bank in accordance with the agreement.
Where subsidy on a subsidised loan is cancelled under this section, subsidy stops being payable on the loan on and after:
the date of the notice; or
if a later date is specified in the notice—that later date.
This Act’s bill:Second reading speech
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