New Zealand Acts

STUDENT LOAN SCHEME ACT 2011 - SECT 197

197 Write-off of consolidated loan balance

1 A borrower's consolidated loan balance must be reduced to zero if—

a) the borrower dies; or

b) the Commissioner has reasonable grounds for believing that the borrower has died.

2 The Commissioner may reduce a borrower's consolidated loan balance to zero if that balance is not more than $20.

3 Subsection (1)(a) has effect from the day on which the borrower died.

4 Subsection (1)(b) has effect from the day on which the borrower is believed to have died.

5 Subsection (2) has effect from the day on which the Commissioner exercises his or her discretion to reduce the consolidated loan balance to zero.

6 If a borrower's consolidated loan balance is reduced to zero under subsection (1)(a) or (2) , that action may not be reversed.

7 Subsection (6) applies despite anything to the contrary.

Note: 1992 No 141 s 60

History: Section 197: replaced, on 1 April 2013 (applying for 2013–14 and later tax years), by section 68 of the Student Loan Scheme Amendment Act 2013 (2013 No 10).   Section 197(2): amended, on 1 April 2020, by section 77 of the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 (2020 No 5).