Alternative contact person
Student Loan Scheme Amendment Act 2012 allows alternate contact details provided to the loan manager to be received/used by IR on transferral of the loan to IR.
New section 16A
The new legislation allows alternate contact details provided to the loan manager (StudyLink) as a condition of accessing a student loan to be received and used by Inland Revenue once the loan is transferred to Inland Revenue.
As part of Budget 2011, the Government announced that as a condition of accessing the student loan scheme, borrowers would be required to provide details of an alternative contact person.
While borrowers are required to keep their contact details current, often these become out of date after the person completes their study. This can be a particular problem if the borrower goes overseas.
Having a contact person provides another way for Inland Revenue to locate borrowers who have lost touch, to help them manage their loan.
The amendment applies from 1 January 2013.
Receipt of alternate contact details
New section 16A allows Inland Revenue to receive details of a borrower's contact person from the loan manager (StudyLink). The loan manager is appointed by the "lender" (the Government) under the Student Loan Scheme Act 2011 to establish and administer loan balances that have not been transferred to Inland Revenue for collection.
To the extent that they are available, the loan manager must provide the Commissioner with the following details of the borrower's contact person:
- their name;
- their postal address;
- telephone number;
- an electronic address; and
- any further information specified in regulations.
Section 16A(2) allows the Commissioner and the loan manager to determine the frequency and the form in which the notification must be supplied.