The appellant obtained student loans under the Quebec Act respecting financial assistance for students.
His loan certificate provided for an interest exemption period after completing his studies.
Subsequent legislative amendments reduced and then eliminated this exemption period.
The financial institution charged the appellant interest based on the new legislation.
The appellant brought a class action against the government.
The Supreme Court of Canada held that the appellant had a vested right to the interest exemption period specified in his contract, and the legislative amendments did not clearly indicate an intention to interfere with vested rights or apply retroactively to existing contracts.
The appeal was allowed.
