New Zealand Acts

STUDENT LOAN SCHEME ACT 2011 - SECT 132

132 Borrower may receive refund or apply excess repayment to future repayment obligations

1 A borrower may choose for the whole or part of an excess repayment to be—

a) refunded (see sections 199 and 200 ); or

b) used to satisfy a future repayment obligation of the borrower.

2 To exercise a choice under subsection (1), the borrower must notify the Commissioner in a manner acceptable to the Commissioner within 6 months after whichever is the latest of the following:

a) the date on which the borrower was notified of the excess repayment in accordance with section 120 :

b) the day after the end of the tax year to which the excess repayment relates:

c) the day after the due date of the final instalment of the borrower's overseas-based repayment obligation.

3 A choice made by the borrower to receive a refund of an excess repayment is irrevocable.

Note: 1992 No 141 ss 56, 57

History: Section 132(2): replaced, on 30 March 2013, by section 22 of the Student Loan Scheme Amendment Act 2013 (2013 No 10).