Late payment penalties

(1) The Registrar may, as a disciplinary measure or enforcement action, impose a late payment penalty on a licensee who fails to pay any fee, charge, contribution or administrative penalty required, due or imposed under the Act or these Regulations on the date on which the fee, charge, contribution or administrative penalty is payable. (2) If the Registrar decides to impose a late payment penalty, the Registrar shall give the licensee a late penalty notice which indicates– (a) the fee, charge, contribution or penalty in respect of which the late payment penalty is being imposed; (b) the amount of the late payment penalty; and (c) the right to appeal under section 31F of the Act. (3) A licensee shall pay to the Registrar the late payment penalty within 30 days of being given the penalty notice under subregulation (2). Moneylenders 17 (4) If the licensee fails to pay the late payment penalty within the 30 days, the Registrar may increase the amount of the penalty and shall give the licensee notice of increased late payment penalty. (5) The amount of late penalty the Registrar may impose shall be determined based on the number of business days the fee, charge, contribution or administrative penalty is due and payable as follows— No. of Business Days 1 to 30 $250 to $1,200 31 to 60 $1,250 to $5,000 61 to 90 $1,875 to $7,500 91 to 120 $2,500 to $10,000 121 to 150 $6,200 to $15,000 151 or more $7,500 to $20,000