| "Regulations relating to student loans. |
73A. - (1) This section applies in relation to regulations under paragraph (f) of section 73(1) of this Act made with respect to loans.
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(2) Regulations to which this section applies may make provision requiring such amounts as may be prescribed, payable under loans granted by virtue of such regulations, to be paid directly to institutions providing courses of education who have previously made payments of any prescribed description to persons attending such courses to whom such loans may be granted.
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(3) Regulations to which this section applies may make such provision as the Secretary of State considers necessary or expedient in connection with the recovery of amounts due from borrowers under loans granted by virtue of such regulations, including provision for-
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(a) imposing on employers, any government department or (as the case may be) such other persons or bodies as may be prescribed, requirements with respect to- |
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(i) the making of deductions in respect of amounts so due (or, in any prescribed circumstances, amounts assessed in accordance with the regulations to be so due) from remuneration payable to borrowers,
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(ii) the collection by other means of such amounts,
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(iii) the transmission of amounts so deducted or collected to the Secretary of State in accordance with directions given by him;
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(b) imposing on employers, or such other persons or bodies as may be prescribed, requirements with respect to the keeping and production of records for such purposes as may be prescribed; |
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(c) imposing on borrowers requirements with respect to- |
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(i) the provision of such information, and
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(ii) the keeping and production of such documents and records,
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relating to their income as may be prescribed; |
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(d) enabling the Secretary of State to require the reimbursement by borrowers of costs or expenses of any prescribed description incurred by him in connection with the recovery of unpaid amounts; |
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(e) applying or extending with or without modification, for purposes connected with the recovery of amounts under regulations under section 73(1)(f) of this Act or under this section, any of the provisions of the Income Tax Acts or of regulations under section 203 of the Income and Corporation Taxes Act 1988 (PAYE). |
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(4) In subsection (3) above, "employers" means persons who make payments of, or on account of, income assessable to income tax under Schedule E.
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(5) Regulations to which this section applies may make provision for the payment, in respect of amounts overpaid by borrowers, of interest at such rate, and calculated in such manner, as may be determined by the Secretary of State from time to time.
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(6) A rate of interest, prescribed by regulations to which this section applies, to be borne by loans shall at no time exceed the rate for the time being specified for the purposes of any exemption conferred by virtue of section 16(5)(b) of the Consumer Credit Act 1974 (exemption of certain consumer credit agreements by reference to the rate of the total charge for credit).
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(7) Subject to subsection (6) above, regulations to which this section applies shall not prescribe a rate of interest to be borne by loans higher than that which the Secretary of State, having regard to such retail price index as appears to him to be appropriate, is satisfied is required to maintain the value in real terms of the outstanding amounts of such loans.
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(8) Regulations to which this section applies may make provision, for the purpose of calculating the interest to be borne by loans, for repayment by borrowers to be treated as having been made or received on such date or dates as may be prescribed.
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(9) Regulations to which this section applies may prescribe requirements or other provisions which add to or otherwise modify, during the currency of a loan, requirements or other provisions (whether as to repayment or otherwise) which apply in relation to loans granted by virtue of such regulations.
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(10) Regulations to which this section applies may make provision for a borrower not to be liable to make any repayment in respect of a loan-
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(a) during such periods as may be prescribed from time to time, or |
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(b) in such circumstances as may be prescribed, |
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including provision for the cancellation of any further such liability of the borrower in any such circumstances.
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(11) Nothing in this section prejudices the generality of section 73(1)(f) of this Act.
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| Transitional provisions and savings on repeal of Education (Student Loans) Act 1990. |
73B. - (1) The Secretary of State may by regulations make such transitional provision and savings in connection with the repeal by the Teaching and Higher Education Act 1998 of the Education (Student Loans) Act 1990 ("the 1990 Act") as he considers necessary or expedient including-
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(a) provision for any function which has been conferred under or by virtue of the 1990 Act to transfer to, or otherwise become exercisable by- |
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(i) the Secretary of State; or
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(ii) such other person or body as may be prescribed,
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to such extent as may be prescribed; and |
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(b) provision for the transfer to the Secretary of State or any such other person or body of rights or liabilities arising under or by virtue of the 1990 Act. |
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(2) Regulations made by virtue of paragraphs (a) and (b) of subsection (1) above may, in particular, provide for-
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(a) any such function to be exercisable in pursuance of such regulations in such modified form as may be prescribed; |
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(b) the 1990 Act to have effect with such modifications as may be prescribed. |
| Provision as to maximum amounts of certain allowances. |
73C. - (1) This section applies to allowances payable by virtue of section 73(1)(f) of this Act in respect of the fees charged in connection with attendance on a course of higher education.
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(2) The Secretary of State may by order made by statutory instrument determine the maximum amount payable in any academic year of allowances to which this section applies in respect of such courses or classes of courses of higher education as may be so determined and, subject to subsection (3) below, a statutory instrument containing an order under this subsection shall be subject to annulment in pursuance of a resolution of either House of Parliament.
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(3) Where the Secretary of State has determined a maximum amount under subsection (2) above, he shall not make a further determination increasing that maximum amount under that subsection unless-
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(a) he is satisfied that the increase is no greater than is required to maintain the allowance's value in real terms; or |
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(b) a draft of the order containing the further determination has been laid before, and approved by a resolution of, each House of Parliament. |
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(4) For the purposes of subsection (3)(a) above the Secretary of State shall have regard to such retail prices index as appears to him to be appropriate.
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(5) In subsection (2) above, "courses of higher education" means courses of higher education falling within section 38 of the Further and Higher Education (Scotland) Act 1992."
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