1061ZZCK
In forceWhat happens if person makes an excess repayment
Volume 3Chapter 2AA, Part 2AA.1 to Chapter 3, Part 3.12 (sections 1061ZVAA to 1157)
Chapter 2BStudent Financial Supplement Scheme
Part 2B.1Establishment of scheme
Division 13Early repayments of financial supplement
Subdivision BPerson’s rights to make repayments during contract period
1061ZZCK What happens if person makes an excess repayment
If a person purports to make a repayment to a participating corporation under a financial supplement contract by paying an amount under subsection 1061ZZCJ(3) that exceeds the amount that, having regard to the discount to which the person is entitled, would be needed to pay in full the amount outstanding, the excess:
(a)
is taken not to be a repayment; and
(b)
must be repaid by the corporation to the person.
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