VET Student Loans Rules 2016
159Late payment penalty
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159 Late payment penalty
(1) If an amount of approved course provider charge payable by an approved course 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 following formula: Start formula start fraction 0.2 times unpaid amount times days overdue over 365 end fraction end formula
where:
unpaid amount is the amount of approved course provider charge that has not been paid.
days overdue is the number of days after the approved course provider charge is due and payable that elapse before the day on which the charge is paid.
(2) A late payment penalty that a provider is liable to pay is due and payable immediately.