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B.C. Reg. 406/98
O.C. 1423/98
Deposited November 19, 1998
This consolidation is current to January 18, 2022.
Link to Point in Time

Forest Act

Forest Accounts Receivable Interest Regulation

[includes amendments up to B.C. Reg. 124/2013, March 20, 2013]

Contents
1Definitions
2Application
3Interest
4Method of calculation

Definitions

1   In this regulation:

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

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

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

[am. B.C. Regs. 14/99, s. 1; 4/2010, s. 3; 124/2013, s. 1.]

Application

2   This regulation does not apply to money owed by

(a) Canada,

(b) a corporation as defined in the Financial Information Act,

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

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

(e) under a monthly payment plan.

[am. B.C. Reg. 14/99, s. 2.]

Interest

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.

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

[am. B.C. Reg. 124/2013, s. 2.]

Method of calculation

4   Interest on money owed must be

(a) compounded every 28 days, and

(b) calculated on the number of days

(i) since the last compounding of interest, or

(ii) if no compounding has yet occurred,

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

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

(C) since the date of the statement of account, if neither subparagraph (i) nor (ii) of section 130 (1) (b) of the Forest Act applies.

[am. B.C. Reg. 124/2013, s. 3.]

[Provisions relevant to the enactment of this regulation: Forest Act, R.S.B.C. 1996, c. 157, sections 130 and 151]