Document ID: chunk:federal_register_of_legislation:C2024C00637:section:68
Version: federal_register_of_legislation:C2024C00637
Segment Type: section
Provision Reference: s 68
Character Range: 95347–96715

68  Recovery of overpayments—from subsidised loan account
 (1) The Secretary may, by notice in writing to the loan provider, recover the due amount (or a part of the due amount) by requiring the loan provider to:
 (a) add an amount equal to the due amount (or part) to the principal outstanding of the debtor's subsidised loan; and
 (b) pay the due amount (or part) to the Commonwealth.
 (2) If the loan provider receives a notice under subsection (1), the loan provider must comply with the notice in relation to the lesser of the following amounts (the loan account amount):
 (a) the amount stated in the notice;
 (b) the amount available for payment out of the debtor's subsidised loan account in accordance with the terms of the debtor's subsidised loan.
 (3) Payment by the loan provider to the Secretary of the loan account amount is, to the extent of the payment, a discharge of any liability of the debtor to the Commonwealth under this Division.
 (4) Section 67 applies in relation to the due amount, at the time the loan account amount is paid, as if:
 (a) so much of the overpaid amount (the current overpaid amount) as at that time remains unpaid were reduced by the loan account amount; and
 (b) if the loan account amount exceeds the current overpaid amount—the amount of interest covered by paragraph 67(2)(b) were reduced by the amount of the excess.