Late interest rate
9.—(1)  For the purposes of section 29(1) of the Act, the prescribed rate of interest for any amount of fee or financial penalty payable under the Act that is in arrears is 2% above the average of the prevailing annual prime lending rate of DBS Bank Ltd, United Overseas Bank Limited and Oversea‑Chinese Banking Corporation Limited.
(2)  The interest under paragraph (1) on any amount in arrears is payable from the date the amount is due for payment until all that amount is paid.