(1) This section applies if all or part of a fee or charge payable to the chief executive or regulator remains unpaid for 20 business days after the day stated in the regulation for payment of the fee or charge.
(2) The chief executive or regulator may give the person who is liable to pay the fee or charge a written notice--
(a) stating the period to which the fee or charge relates; and
(b) stating the amount, including any late fee, owing at the date of the notice; and
(c) requiring the person--
(i) to pay the amount owing; or
(ii) to make arrangements, satisfactory to the chief executive or regulator, for payment of the amount owing.