Regulation 5 Transferred loans

In the definition of “Secretary of State” in regulation 3(5), after the first occurrence of “regulation”, for “and regulation 4”, substitute “, regulation 4 and the definition of “transferred loan” in regulation 2”.

At the end of regulation 3, insert—

“(6)

Where these Regulations apply to a transferred loan, “Secretary of State” means, for the purposes of those regulations listed in paragraph (7)(a), the loan purchaser and, for the purposes of those regulations listed in paragraph 7(b), the Secretary of State acting on behalf of the loan purchaser (regardless of whether any person is also exercising functions on behalf of the Secretary of State pursuant to section 23(4) of the Act).

(7)

For the purposes of this paragraph, the regulations listed are:

(a)

regulations 10, 11(5)(d) (i),(ii), (e)(i),(ii), and 12A;

(b)

regulation 9, regulation 11 (except 11(5)(d) (i),(ii), (e)(i),(ii)), regulations 13, 13A to 13F, and 60 to 67.

(8)

Where these Regulations apply to a transferred loan, “student loan” means, subject to any provision of transfer arrangements, the total outstanding principal, interest, penalties and charges, owed by the borrower to a loan purchaser pursuant to these or any other Regulations made under section 22 of the Act.”