78Declared loan providers

78 Declared loan providers

(1) The Minister may declare a body corporate to be a declared loan provider for the purposes of this Act if the Commonwealth and the body have entered into a loan provider agreement. Declaration takes effect immediately (2) A declaration under this section takes effect immediately after it is made. Revoking declarations (3) The Minister may revoke a declaration made under subsection (1). (4) If subsidy becomes payable to a subsidised borrower in relation to a loan made by a declared loan provider and the declaration of the loan provider is later revoked, the revocation does not affect: (a) the subsidised borrower’s entitlement to the payment of subsidy in relation to the loan; or (b) if the subsidised borrower dies—the entitlement of a surviving partner of the subsidised borrower to subsidy in relation to the loan by the operation of section 60 or 61. (5) To avoid doubt, the Minister may revoke a declaration under this section whether or not the loan provider agreement mentioned in subsection (1) is in force. (6) In this Act:

declared loan provider means a loan provider declared under this section.