141Late payment interest reduced if instalment arrangement complied with

1. This section applies if—

2. a borrower is liable to pay late payment interest on an unpaid amount under section 139; and
3. the borrower has entered into an instalment arrangement in relation to the unpaid amount in accordance with section 154.

4. For each month that the borrower meets his or her obligations under the instalment arrangement, any late payment interest that the borrower is liable to pay on the unpaid amount for that month must be calculated as if, in the definition of late payment interest rate in section 139(3), the reference to base interest rate plus 4% were a reference to base interest rate plus 2%.

5. However, subsection (2) applies only to the days in a month during which an instalment arrangement applies.