Commonwealth Consolidated Acts

INSURANCE CONTRACTS ACT 1984 - SECT 75Z

Usual payment period

  (1)   The payment period for an infringement notice begins on the day after the notice is given and, unless otherwise specified in this section, continues for 28 days.

Payment period extended under section   75ZA

  (2)   If, under section   75ZA, ASIC extends the payment period for the notice, the payment period is as extended.

  (3)   If ASIC refuses an application under subsection   75ZA(1) for an extension of the payment period for the notice, the payment period ends on the latest of the following days:

  (a)   the last day of the period that, without the extension that has been refused, would be the payment period for the notice;

  (b)   the day that is 7 days after the day the applicant was given notice of ASIC's decision not to extend;

  (c)   the day that is 7 days after the day the application is taken to have been refused under subsection   75ZA(4).

Instalments

  (4)   If, under section   75ZB, ASIC makes an arrangement for the amount payable under the notice to be paid by instalments, the payment period ends on the earlier of the following days:

  (a)   the last day on which an instalment is to be paid under the arrangement;

  (b)   if the person fails to pay an instalment in accordance with the arrangement, the last day on which the missed instalment was to be paid.

  (5)   If ASIC refuses an application made under subsection   75ZB(1) to make an arrangement for the amount payable under the notice to be paid by instalments, the payment period ends on the latest of the following days:

  (a)   the last day of the period that, without the instalment arrangement, would be the payment period for the notice;

  (b)   the day that is 7 days after the day the applicant was given notice of ASIC's decision not to make the arrangement;

  (c)   the day that is 7 days after the day the application is taken to have been refused under subsection   75ZB(4).

Payment period if ASIC refuses to withdraw infringement notice

  (6)   If ASIC refuses a representation made under subsection   75ZC(1) for the notice to be withdrawn, the payment period ends on the latest of the following days:

  (a)   the last day of the period that, without the withdrawal, would be the payment period for the notice;

  (b)   the day that is 7 days after the day the person was given notice of ASIC's decision not to withdraw the notice;

  (c)   the day that is 7 days after the day on which, under subsection   75ZC(5), ASIC is taken to have refused to withdraw the infringement notice.