44Late payment penalty

44 Late payment penalty

(1) For the purposes of paragraph 19-66(2)(d) of the Act, if an amount of higher education provider charge payable by a higher education provider remains unpaid after the day on which it is due and payable, the provider is liable to pay a penalty worked out using the formula: Start formula start fraction 0.2 times unpaid amounts times days overdue over 365 end fraction end formula where:

unpaid amount is the amount of higher education provider charge that has not been paid.

days overdue is the number of days after the higher education provider charge is due and payable that elapse before the day on which the charge is paid.

(2) To avoid doubt a late payment penalty that a provider is liable to pay is due and payable immediately.