301Charging interest

301  Charging interest

 (1) An individual may be charged interest on the balance of any amount of daily payment that:

 (a) is payable by the individual; and

 (b) has been outstanding for more than one month.

 (2) Subsection (1) does not apply unless the individual’s accommodation agreement provides for the charging of such interest at a specified rate.

 (3) However, the rate charged must not exceed the maximum rate prescribed by the rules.