Acts and Regulations

P-16.1 - Private Occupational Training Act

Section 6.41
Disposition versions

Full text
Training Completions Fund
6.41(1)There is established a trust fund to be known as the Training Completions Fund.
6.41(2)The Fund shall consist of
(a) money remitted for deposit to the credit of the Fund under subsection (8), paragraph 6.6(2)(b) and subsection 8(2),
(b) a loan provided to the Fund by the Minister under section 6.5,
(c) any interest arising from the investment of money in the Fund, and
(d) any other source of revenue as may be prescribed by regulation.
6.41(3)The Fund shall be administered by the Minister and shall be held in trust for the purposes of this Act in a separate account in the Consolidated Fund.
6.41(4)The Minister shall not invest the money in the Fund other than in the manner authorized by the Trustees Act.
6.41(5)The purposes of the Fund are
(a) to provide compensation to a student, or a third party who has paid tuition fees on behalf of a student, if a training organization fails to provide, to completion, the occupational training program for which the tuition fees have been paid,
(b) to provide compensation to a student, or a third party who has paid tuition fees on behalf of a student, if the contract entered into with a training organization, or an agent, representative or salesperson of the training organization, by or on behalf of the student is rescinded in accordance with the regulation and the training organization fails to refund money repayable under the regulation,
(c) to pay the costs of an audit of the accounts of the Fund under subsection (12), and
(d) to carry out any other purposes as may be prescribed by regulation.
6.41(6)Payments for the purposes of subsection (5) shall be a charge on and payable out of the Fund.
6.41(7)The Minister shall, in a case within paragraph (5)(a),
(a) pay for the student to complete equivalent training with another training organization, or
(b) refund the student, or the third party who paid the tuition fees on the student’s behalf,
(i) the tuition fees for the last academic year for which tuition fees were paid, and
(ii) any reasonable accommodation costs paid by the student or the third party as may be determined by the Minister.
6.41(8)If the Minister provides compensation under paragraph (5)(b), the training organization that failed to refund money repayable under the regulation shall, within 30 days after being requested by the Minister to do so, remit to the Minister for deposit to the credit of the Fund the money that the training organization failed to refund under the regulation.
6.41(9)Despite any other provision of this section,
(a) no compensation shall be provided under paragraph (5)(a) or (b) to a student or a third party referred to in paragraph (5)(a) or (b) if the training organization has not charged and collected from the student or the third party the student protection fee required under section 6.6, and
(b) if there is insufficient money in the Fund to provide compensation in a case within paragraph (5)(a) or (b), the compensation provided shall
(i) not exceed the amount of money in the Fund, and
(ii) be provided on a proportional basis.
6.41(10)The fiscal year of the Fund is the period commencing on April 1 in one year and ending on March 31 in the next year.
6.41(11)For each fiscal year the Minister shall prepare financial statements of the Fund.
6.41(12)The accounts and transactions of the Fund shall be audited annually by an auditor appointed for that purpose.
6.41(13)Within six months after the end of the fiscal year, each year the Minister shall submit to the Lieutenant-Governor in Council for information purposes a copy of the audited financial statements of the Fund for that fiscal year.
6.41(14)Within three months after a copy of the audited financial statements has been submitted under subsection (13), the Minister shall table the audited financial statements in the Legislative Assembly if it is then sitting or, if it is not then sitting, with the Clerk of the Legislative Assembly.
2016, c.28, s.168