Do I need to maintain a trust account for withdrawals and refunds?
This section answers these questions
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All student fees must be held in a trust account by an independent person approved by NZQA. Fees must be held until the ninth day of a course (*).
A Memorandum of Undertaking should be used for this purpose, except where the trust requirement is met by a student fee protection mechanism.
| Trustee's Memorandum of Undertaking Form and Guidelines |  |
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Note: this requirement is separate from your obligations under NZQA's student fee protection policy. For example, if you offer courses of less than three months you may still have to maintain a trust account.
(*) for courses of three months or longer
Page updated: 07 August 2007