120Council may charge interest on unpaid money

120 Council may charge interest on unpaid money

(1) A Council may require a person to pay interest on any amount of money (other than rates and charges)—

(a) which that person owes to the Council; and

(b) which has not been paid by the due date.

(2) The interest—

(a) is to be calculated at the rate set from time to time for the purposes of this section by the Council; and

(b) becomes payable—

(i) on and from the date on which the money became due; or

(ii) in the case of a court order requiring payment of the money, on and from the date of the court order; and

(c) continues to be payable until the payment or recovery of the money.

(3) The interest rate specified by the Council must not be more than the rate fixed under section 2 of the Penalty Interest Rates Act 1983.

(4) If the Council sets a new interest rate, the new rate takes effect on the date set by the Council and applies from that date to all money (other than interest) owing to the Council on that date.

Division 7—Land information