Implementation of bank account order
This section has no associated Explanatory Memorandum
28.—(1) A bank account order shall be implemented within 10 working days of its service on the deposit-taker.
(2) Subject to paragraph (3), where the specified amount exceeds the credit balance in the account to which the order relates—
(a)the deposit-taker shall make payment in the amount of the credit balance, if any, and advise the collection officer accordingly; and
(b)the deposit-taker shall make further payments, as soon as is practicable, after further funds, if any, are deposited to the credit of the account until the specified amount is paid in full.
(3) A bank account order may not operate to require the making of a payment which would reduce the credit balance of the account to which the order relates below £5.00.