Advance not to exceed 90% of cost of work or equipment
32 Advance not to exceed 90% of cost of work or equipment
A loan under this Act shall not exceed 90% of the cost of carrying out the treatment in respect of which the loan is approved.
Where assistance furnished under this Act to a person and expressed to be furnished as or as part of a loan exceeds 90% of the finally determined cost of carrying out the treatment in respect of which the person has made application for a loan, the excess is a debt owed by the person to the Territory, and is payable by the person to the Territory when the Commissioner serves on the person notice, which may be by post, of the amount of the excess.
For the purposes of this section where a loan is approved and the applicant for the loan carries out all or part of the treatment in respect of which the loan is approved, the cost of carrying out the treatment shall include, in respect of the treatment or part of the treatment carried out by the applicant:
the amount estimated by the Commissioner to be the cost of the treatment or part of the treatment carried out by the applicant; or
the amount estimated by the Commissioner to be what it would have cost the Commissioner to carry out the treatment or part of the treatment carried out by the applicant,
whichever is the less.
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