56Student loans—exemption from certain provisions of Code

#### 56 Student loans—exemption from certain provisions of Code (1) The Code, other than subsection 61(1) and sections 76 to 81, does not apply to a contract to the extent that the contract provides for the provision of credit by a higher educational institution, or by an association of students of the institution, to a student of the institution on the grounds of hardship or of an emergency. (2) However, subsection (1) applies only if the institution or association gives the debtor and any guarantor the following things before the contract for the provision of credit is entered into by the debtor or the guarantee is signed by the guarantor: (a) a statement of the costs of the provision of credit, which must include any fees or charges payable and the interest rate applicable and may include other information; (b) a copy of the terms and conditions of the contract for the provision of credit. (3) In this regulation: > association of students, of a higher educational institution, means a union, guild or other association of students: (a) of the institution; or (b) of the institution and of other higher educational institutions. > higher educational institution means an institution within the meaning given by section 4 of the Higher Education Funding Act 1988. > Note: Section 203B of the Code provides, among other things, that the regulations may exempt a contract or a class of contracts from all or specified provisions of the Code.