3‑3 Late payment fees3‑3 Late payment fees

3‑3 Late payment fees

Purpose of this section (1) This section is made for the purposes of section 403 of the Act. Late payment fee (2) If a basic charge is not paid at or before the time the basic charge is due and payable, a late payment fee is imposed, worked out in accordance with subsection (3), in addition to the basic charge. (3) The late payment fee is worked out using the following formula: Start formula start fraction 0.2 times Basic charge times Days overdue over 365 end fraction end formula where:

days overdue is the number of days after the basic charge is due and payable that elapse before the day the basic charge is paid.

Person liable to pay late payment fee (4) The person who was liable to pay the basic charge is liable to pay the late payment fee.

Note: An agent of a person who is liable to pay a late payment fee under this section is jointly and severally liable with that person to pay the late payment fee (see section 3‑4).