Protection of student fees

Heading: inserted, on 30 August 2011, by section 32 of the Education Amendment Act 2011 (2011 No 66).

234C Interpretation

(1)

In sections 234D to 235C,—

independent trustee, in relation to a private training establishment, means a trustee that does not provide any other service to the establishment other than that referred to in section 234E

refund period means,—

(a)

in relation to a domestic student who, on or after 1 January 2015, is enrolled in a programme or part of a programme, or enrolled in a training scheme, the period of time that begins when the student’s fees are paid to the private training establishment (or paid directly to the independent trustee) and ends on the later of 7 days after—

(i)

the first day of the programme or scheme for which the attendance of the student at the establishment is required; or

(ii)

any other day that the establishment permits the student to begin attendance:

(b)

in relation to a domestic student who, before 1 January 2015, is enrolled in a programme or part of a programme, or enrolled in a training scheme, the 7 days after the first day of the programme or scheme for which the attendance of the student at the establishment is required

trustee means Public Trust, a trustee company under the Trustee Companies Act 1967, a qualified statutory accountant (within the meaning of section 5(1) of the Financial Reporting Act 2013) in public practice, or a lawyer whose practising certificate allows the holding of trust funds.

(2)

In sections 234D to 235C, the requirement that funds paid by or on behalf of a student be deposited with an independent trustee applies to all components of any fee payable by the student (for example, it includes any component of the fee payable by the student in respect of accommodation costs or agent commissions).

Section 234C: inserted, on 30 August 2011, by section 32 of the Education Amendment Act 2011 (2011 No 66).

Section 234C(1) refund period: replaced, on 13 February 2015, by section 19 of the Education Amendment Act 2015 (2015 No 1).

Section 234C(1) trustee: amended, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).