31Additional annual default arrangement payment payable by certain class A permit holders—the Act, s 152(1)(a) and (5)

31 Additional annual default arrangement payment payable by certain class A permit holders—the Act, s 152(1)(a) and (5)

31 Additional annual default arrangement payment payable by certain class A permit holders—the Act, s 152(1)(a) and (5)

(1) This section applies to a class A permit holder of a class 1 lease if the permit holder ends an elective financial arrangement and enters into the default financial arrangement under section 24(1)(b).

(2) The permit holder must pay the Minister a contribution (an additional annual default arrangement payment) for each previous class A annual default arrangement payment period in which the permit was in force, even if the permit was in force for only part of the previous annual contribution period.

(3) The additional annual default arrangement payment is payable in addition to the annual default arrangement payments under section 30.

(4) The amount of the additional annual default arrangement payment is the total of the amounts that would have been payable by the permit holder as annual default arrangement payments under section 30 if the default financial arrangement had been in effect for the purposes of the security condition for the permit for each of the previous annual default arrangement payment periods.

(5) The permit holder must pay the additional contribution not more that 30 days after the date the permit holder enters into the default financial arrangement under section 24(1)(b).

(6) If a permit holder fails to pay all or part of the additional class A contribution in accordance with subsection (5), the Minister may treat the total unpaid balance of the additional annual default arrangement payment as an overdue amount of additional annual default arrangement payment due and payable by the permit holder.

(7) In this section—

previous annual default arrangement payment period means a 12-month period commencing on 1 July in a year before the permit holder entered into the default financial arrangement, but excluding any period before 1 July 2001.