Supplementary Order Paper No 37

  • withdrawn on 16 September 2009

No 37

House of Representatives

Supplementary Order Paper

Thursday, 27 August 2009

Student Loan Scheme (Repayment Bonus) Amendment Bill


Proposed amendment

Hon Trevor Mallard, in Committee, to move the following amendment:

Clause 4

Clause 4 is amended by adding the following new section after new section 45F (after line 13 on page 5):

45G Commissioner must advise borrowers to seek financial advice
  • The Commissioner must, in all material that provides information about repayment bonuses and that is made available to all borrowers, include a statement to the effect that borrowers are advised to seek appropriate financial advice before making excess repayments in order to obtain a 10% bonus.


Explanatory note

The amendment to clause 4 to insert a new section 45G introduces a requirement that the Commissioner of Inland Revenue must, in all material that provides information about repayment bonuses and that is made available to all borrowers, include a statement to the effect that borrowers are advised to seek appropriate financial advice before making excess repayments in order to obtain a 10% bonus.