406_98 — Forest Accounts Receivable Interest Regulation

s. 1 — Definitions

In this regulation:

s. 1 — Act

Act means the Forest Act;

s. 1 — money owed

money owed means money owed to the government under the Act, the former Act, the Forest Practices Code of British Columbia Act or a regulation under any of them;

s. 1 — monthly payment plan

monthly payment plan means a written contract between the minister and the holder of an agreement referred to in section 12 of the Act, under which written contract that holder is required to make scheduled payments against money owed;

s. 1 — statement of account

statement of account means a statement of money owed addressed to the person who owes the money.

s. 2 — Application

This regulation does not apply to money owed by

s. 2(a)

Canada,

s. 2(b)

a corporation as defined in the Financial Information Act,

s. 2(c)

a municipality or regional district to which a grant under the Local Government Grants Act may be made,

s. 2(d)

another government or government agency under a contract that specifically provides for interest, or

s. 2(e)

under a monthly payment plan.

s. 3 — Interest

s. 3(1)

Money owed bears interest at the rate prescribed under the Interest Rate under Various Statutes Regulation, B.C. Reg. 386/92, from the date of a statement of account.

s. 3(2)

Subsection (1) is subject to section 130 (1) (b) of the Act in relation to money owed under a provision or an assessment referred to in that section.

s. 4 — Method of calculation

Interest on money owed must be

s. 4(a)

compounded monthly, and

s. 4(b)

calculated on the number of days

s. 4(b)(i)

since the last compounding of interest, or

s. 4(b)(ii)

if no compounding has yet occurred,

s. 4(b)(ii)(A)

from the date described in section 130 (1) (b) (i) of the Act, if interest on the money owed is subject to that provision,

s. 4(b)(ii)(B)

from the date described in section 130 (1) (b) (ii) of the Act, if interest on the money owed is subject to that provision,

s. 4(b)(ii)(C)

from the date described in section 130 (1) (b) (iii) of the Act, if interest on the money owed is subject to that provision, or

s. 4(b)(ii)(D)

since the date of the statement of account, if interest on the money owed is not subject to section 130 (1) (b) (i), (ii) or (iii) of the Act.