288PPayment by instalments

288P  Payment by instalments  (1) A person to whom an infringement notice has been given may, within 28 days after the infringement notice is given, apply to ASIC to make an arrangement to pay the amount payable under the infringement notice by instalments.  (2) ASIC may, in writing, make an arrangement for a person to pay the amount payable under an infringement notice by instalments:  (a) if a person makes an application in accordance with subsection (1); or  (3) ASIC must do each of the following within 14 days after an application in accordance with subsection (1) is made:  (a) decide to make, or refuse to make, an arrangement for the applicant to pay the amount payable under the infringement notice by instalments;  (b) give the applicant notice in writing of ASIC’s decision;  (c) if ASIC decides to make the arrangement, specify in the notice:  (i) the day by which each instalment is to be paid; and  (ii) the amount of each instalment.  (4) If ASIC does not comply with subsection (3):  (a) ASIC is taken to have refused to make an arrangement for the applicant to pay the amount payable under the infringement notice by instalments; and  (5) ASIC may vary an arrangement for a person to pay the amount payable under an infringement notice by instalments.  (6) If:  (a) a person does not pay all of the instalments in accordance with an arrangement made under this section; and  (b) the person is prosecuted, or proceedings seeking a pecuniary penalty order are brought, for the alleged contravention; ASIC must refund to the person the amount of any instalments paid.