Student Fee Protection Rules 2021

9. Student Fee Protection Mechanism(s) for Agents

  1. For the purposes of section 356(2) of the Act, an alternative arrangement that is acceptable to NZQA is for the Agent to transfer the Student Fees to the trust account of the Provider’s Supplier by the close of business on the working day following the day it is received by the Agent.
  2. Where an Agent does not avail itself of the acceptable alternative arrangement in rule 9.1, the Agent must use a standard trust (under Mechanism 1 in Appendix B) which is managed by an Approved Independent Trustee and which meets the following general criteria:
    1. it must cover every Student who has paid Student Fees to the Agent or any person acting on behalf of the Agent for Enrolment in a Provider;
    2. the Agent must deposit the Student Fees into the trust account of its Approved Independent Trustee by close of business on the working day following the day the Student Fees were received by the Agent or any person acting on behalf of the Agent; and
    3. it must require the Agent’s Approved Independent Trustee to transfer the Student Fees held in relation to a Student to the Provider’s Approved Independent Trustee by close of business on the working day following the day the Student Fees were deposited with the Agent’s Approved Independent Trustee.

 

 

 
 
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