Commonwealth Consolidated Acts

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Termination notice

             (1)  As soon as practicable after the termination date of a financial supplement contract made by a person with a participating corporation, the Secretary must arrange for written notice (the termination notice ) to be given to the person if such a notice has not already been given under the Social Security Student Financial Supplement Scheme 1998 or the Student Assistance Act 1973 as in force at a time before 1 July 1998.

             (2)  The termination notice must:

                     (a)  state that, at the end of the contract period, the person no longer owes a debt to the corporation under the contract and will not receive a discount for repayments made after that time; and

                     (b)  state that, on a date referred to in the notice, being 1 June immediately following the termination date, the person incurred or will incur an FS debt or FS debts to the Commonwealth; and

                     (c)  specify the amount of that debt or the amounts of those debts; and

                     (d)  state that the person is entitled at any time to make repayments in respect of that debt or those debts and that so much of that debt or those debts as is not voluntarily repaid by the person will be recovered through the taxation system.

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