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Deposit Takers Act 2023

Depositor compensation scheme - Levies for depositor compensation scheme

237: Interest on unpaid levy

You could also call this:

"You pay extra if you don't pay your levy on time"

Illustration for Deposit Takers Act 2023

If you owe a levy, you have to pay interest on it. The interest rate and how it is applied are decided by regulations made under this law. You pay interest on any levy you have not paid, any instalment payments you have missed, and any interest you already owe.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS501806.

Topics:
Money and consumer rights > Banking and loansMoney and consumer rights > TaxesBusiness > Industry rules
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236: Certain deposit takers not required to pay levy, or

"Some deposit takers don't have to pay a levy because of special rules."

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238: Levy regulations, or

"Rules about how banks pay their share of costs to the government"

Part 6Depositor compensation scheme
Levies for depositor compensation scheme

237Interest on unpaid levy

  1. A person who owes a levy under this subpart is liable to pay to the Bank or the prescribed person interest assessed at the rate and applied by the method (if any) prescribed by the regulations made under this subpart.

  2. The interest is payable on—

  3. any unpaid levy; and
    1. any unpaid instalment payment in respect of any levy; and
      1. any unpaid interest that has been charged already.