Interest
408 Interest
(1) In determining the amount of pecuniary loss resulting from a default, the Law Society must add interest on the amount payable (excluding interest) unless the Society considers special circumstances exist warranting a reduction in the amount of interest or warranting a determination that no amount should be paid by way of interest.
(2) The interest must be calculated from the date on which the claim was made to the date the Society notifies the claimant that the claim has been allowed at the rate specified in or determined under the regulations.
(3) To the extent regulations are not in force for subsection (2), interest must be calculated at the rate of 5%.
The interest is payable from the Fidelity Fund.
This provision refers to the regulations (determined under the regulations
). Made under this Act:
This Act’s bill:Explanatory statementSecond reading speech
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