301
In forceCharging interest
Chapter 4Funding of aged care services
Part 4Accommodation payments and accommodation contributions etc.
Division 6Charging of daily payments
301 Charging interest
(1)
An individual may be charged interest on the balance of any amount of daily payment that:
(a)
is payable by the individual; and
(b)
has been outstanding for more than one month.
(2)
Subsection (1) does not apply unless the individual’s accommodation agreement provides for the charging of such interest at a specified rate.
(3)
However, the rate charged must not exceed the maximum rate prescribed by the rules.
This Act’s bill:Explanatory memorandumSecond reading speech
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