Credit Review Act 2026
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Credit Review levy | ||
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29. (1) The Minister shall prescribe a charge to be known as the Credit Review levy (in this Act referred to as the “levy”) in respect of the costs incurred by the Service in carrying out its functions under this Act in a particular period (in this section referred to as the “period concerned”). | ||
(2) The levy shall be paid to the Service on or before the date prescribed in respect of the period concerned and in the manner prescribed. | ||
(3) The Minister shall prescribe the levy to be paid having regard to the costs incurred in the period concerned by the Service in the performance of its functions under this Act. | ||
(4) The Minister may prescribe a different levy in respect of different relevant persons or classes of relevant persons having regard to— | ||
(a) the number of applications for review received by the Service in respect of particular relevant persons or classes of relevant persons in the period concerned, and | ||
(b) the number of credit facilities provided to borrowers by particular relevant persons or classes of relevant persons in the period concerned. | ||
(5) In prescribing the levy under this section, the Minister shall ensure that the total amount of the levy payable in respect of a particular period shall not exceed the costs incurred by the Service in the performance of its functions in the period concerned having regard to the accounts in respect of that period submitted to the Minister under section 18 . | ||
(6) Regulations under this section may specify— | ||
(a) the penalties that shall be payable in cases of failure to pay the levy on time, having regard to one or more of the following: | ||
(i) the amount of the outstanding levy; | ||
(ii) the length of delay in payment of the outstanding levy; | ||
(iii) a pattern, if any, of failure to pay, or to pay on time, the levy, | ||
(b) requirements in relation to the keeping of records and making of returns to the Service by relevant persons who are liable to pay the levy, | ||
(c) requirements in relation to the collection and recovery of the levy by the Service, | ||
(d) general or special exemptions from the payment of the levy (wholly or partly) in different circumstances, | ||
(e) requirements in relation to the method of payment of the levy and a reduction in the levy having regard to the method of payment of the levy, and | ||
(f) the relevant persons or classes of relevant person required to pay the levy. | ||
(7) The levy shall be recoverable by the Service as a simple contract debt in any court of competent jurisdiction. |