Further restrictions re: bankruptcy
 15.1 (1) This section applies with respect to an application for a certificate of loan approval made by an individual who, at any time prior to the day of the application, became a bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada) or entered into a recognized arrangement for debt settlement.  O. Reg. 168/04, s. 9. (2) The Minister shall not issue a certificate of loan approval to an individual referred to in subsection (1) who has previously received a student loan under the Act unless the individual otherwise satisfies the requirements of this Regulation for a certificate of loan approval and, at the time of the application, (a) there are no amounts of principal or interest outstanding on any student loans previously received by the individual; or (b) if the individual was released from the obligation of repaying any student loans previously received by reason of an order of absolute discharge or certificate of discharge granted under the
Bankruptcy and Insolvency Act (Canada), three years have elapsed since the day the order of absolute discharge was made.  O. Reg. 168/04, s. 9; O. Reg. 333/10, s. 10 (1); O. Reg. 72/17, s. 9 (1, 2). (3) The Minister shall not issue a certificate of loan approval to an individual who became a bankrupt within the meaning of the Bankruptcy and Insolvency Act
(Canada) and who, at the time of the application for the certificate of loan approval, has not received an order of absolute discharge or certificate of discharge under that Act unless the individual satisfied the Minister that any student loans made to the individual after a certificate of loan approval is granted to the individual will not be seized to repay the individual’s creditors.  O. Reg. 168/04, s. 9; O. Reg. 72/17, s. 9 (3). (4) Despite subsection (2), the Minister may issue a certificate of loan approval to an individual who was a qualifying student enrolled in an approved program of study at the time an event described in subsection (1) occurred even though the individual does not satisfy the requirements of clause (2) (a) or (b) if, (a) the individual continues to be enrolled in the approved program of study in which he or she was enrolled at the time the event occurred; (b) the individual otherwise satisfies the requirements of this Regulation for a certificate of loan approval; and (c) the certificate of loan approval is issued for a period of study referred to in subsection (5).  O. Reg. 168/04, s. 9; O. Reg. 119/07, s. 15 (1); O. Reg. 333/10, s. 10 (2); O. Reg. 72/17, s. 9 (4). (5) The Minister may issue a certificate of loan approval to an individual under subsection (4) for any period of study that begins before the earlier of, (a) the day that is three years after the day the event described in subsection (1) occurred; (b) the day the individual completes the approved program of study he or she was enrolled in at the time the event described in subsection (1) occurred; or (c) the day the individual ceases to be enrolled in the approved program of study he or she was enrolled in at the time the event described in subsection (1) occurred.  O. Reg. 168/04, s. 9; O. Reg. 119/07, s. 15 (2). (6) Subsections (4) and (5) apply with respect to any event described in subsection (1) that occurred on or after May 11, 2004.  O. Reg. 168/04, s. 9.