13Interest on default sumsU.K.
This section has no associated Explanatory Notes
After section 86E of the 1974 Act (inserted by section 12 of this Act) insert—
“86FInterest on default sums
(1)This section applies where a default sum becomes payable under a regulated agreement by the debtor or hirer.
(2)The debtor or hirer shall only be liable to pay interest in connection with the default sum if the interest is simple interest.”
Commencement Information
I1S. 13 in force at 1.10.2008 by S.I. 2007/3300, art. 3(3), Sch. 3