Document ID: chunk:federal_register_of_legislation:F2025C00076:reg:78
Version: federal_register_of_legislation:F2025C00076
Segment Type: reg
Provision Reference: reg 78
Character Range: 104065–105253

78  Retention amounts and interest, or interest equivalent, charges
 (1) The accommodation bond agreement must state, in dollar terms, the amount of each retention amount that will be deducted from the accommodation bond balance.
Note: For retention amounts, see s 57‑20 of the Transitional Provisions Act, and for maximum retention amounts, see section 97 of these principles.
 (2) The accommodation bond agreement must also state:
 (a) the rate of interest or interest equivalent payable if the accommodation bond:
 (i) is paid in whole or in part as a lump sum after the due date; or
 (ii) is paid by periodic payments; or
 (iii) is not paid when it is due to be paid; and
 (b) the way interest, or interest equivalent, charges are calculated; and
 (c) the total amount of interest, or interest equivalent, charges payable under the agreement:
 (i) if they can be calculated when the agreement is made; and
 (ii) assuming that the care recipient will make all payments when they are due; and
 (d) the retention amounts payable if the care recipient is provided with care for 2 months or less; and
 (e) the frequency at which interest, or interest equivalent, charges will be debited.