Housing Development Agency Act, 2008
R 385
Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 16 : Fees, Levies and FinancesPart 1 : Fees and levies244. Interest on late or non-payment of fees, levies, deposit insurance premiums and deposit insurance levies |
[Section 244 heading substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022, per section (d), item (11)(a) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (1) | If a fee, levy, deposit insurance premium or deposit insurance levy is not paid, or not paid in full, within the period specified for payment, and an offer to pay the fee, levy, deposit insurance premium or deposit insurance levy by instalments has not been accepted as referred to in section 243(1)(a) or (b), the person liable to pay the fee, levy, deposit insurance premium or deposit insurance levy in question must pay interest at the rate referred to in subsection (2), on the amount of the fee, levy, deposit insurance premium or deposit insurance levy that remains unpaid 30 days after the due date. |
[Section 244(1) substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2024 per section (d), item (11)(b) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (2) | Interest due and payable on an outstanding fee, levy, deposit insurance premium or deposit insurance levy amount must be calculated based on the interest rate prescribed for the time being in terms of the Prescribed Rate of Interest Act, 1975 (Act No. 55 of 1975). |
[Section 244(2) substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2024 per section (d), item (11)(b) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (3) | Interest charged on an outstanding fee amount is a debt due to the financial sector body, and may be recovered by a judicial process in a competent court. |
[Section 244(3) substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2024 per section (d), item (11)(b) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
(4)
| (a) | Interest charged on an outstanding levy amount, referred to in section 237(3A)(a), is a debt due and payable to the Financial Sector Conduct Authority and must be paid into the account referred to in section 246(2)(a). |
| (b) | Interest charged on an outstanding levy amount, referred to in section 237(3A)(b), is a debt due to the Prudential Authority and payable to the Prudential Authority through the Reserve Bank, and must be paid into the account referred to in section 246(2)(b). |
| (c) | Interest charged on an outstanding levy amount, referred to in section 237(3A)(c), is a debt due to the Corporation and payable to the Corporation through the Reserve Bank, and must be paid into the account referred to in section 246(2)(c). |
[Section 244(4)(c) inserted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2024 per section (d), item (11)(c) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (d) | Any overpayment of a levy amount or interest on a levy amount is a debt owed and payable, from the account referred to in section 246(2)(a), (b) or (c) to which the overpayment was made, to the supervised entity or member which made the overpayment. |
[Section 244(4)(a), (b) and (d) inserted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2023 per section (d), item (11)(c) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
(5)
| (a) | Interest charged on an outstanding deposit premium amount, referred to in section 237(3B)(a), is a debt due to the Corporation and payable to the Corporation through the Reserve Bank, and must be paid into the account referred to in section 246(2)(d). |
| (b) | Any overpayment of a deposit insurance premium amount or interest on a deposit insurance premium amount is a debt owed and payable, from the account referred to in section 246(2)(d) to which the overpayment was made, to the member which made the overpayment. |
[Section 244(5) inserted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2024 per section (d), item (11)(c) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
