85Interest, discounts on contributions and payment plans

85 Interest, discounts on contributions and payment plans

85 Interest, discounts on contributions and payment plans

(1) A contribution, if not paid when it becomes due and payable, bears until paid simple interest at an annual rate of 10% or, if the regulations provide for another rate, that other rate.

(2) Interest is not payable if the contribution is paid not later than one month after it becomes due and payable.

(3) However, an owners corporation may by resolution determine (either generally or in a particular case) that a contribution is to bear no interest.

(4) An owners corporation may, by resolution at a general meeting, determine (either generally or in a particular case) that a person may pay 10% less of a contribution levied if the person pays the contribution before the date on which it becomes due and payable.

(5) An owners corporation and an owner may agree to enter into a payment plan for the payment of overdue contributions.

(5A) A request by an owner to enter into a payment plan (the request) may be reasonably refused by the owners corporation.

(5B) The regulations may prescribe what constitutes a reasonable refusal in relation to payment plans.

(5AA) A payment plan is limited to a period of 12 months but a further plan may be agreed to.

(5AB) An owners corporation must not, by resolution, refuse to enter into payment plans for the payment of overdue contributions.

(5AC) Despite subsection (5AB) an owners corporation may refuse to enter into payment plans for the payment of overdue contributions in particular cases.

(6) The regulations may prescribe requirements for payment plans, including the following—

(a) eligibility,

(b) the form of the request,

(c) evidence that must or must not be included in the request,

(d) how information supporting the request must be stored, secured, used, disclosed or disposed of,

Example of information—

financial records relating to the owner

(e) maintaining the confidentiality of the owner’s information given in support of the request,