Section 70 — Registration fees

(1) The OfS may, in accordance with regulations made by the Secretary of State, charge an institution either or both of the following—

(a) a fee for its initial registration in the register;

(b) a fee for its ongoing registration in the register for each period of twelve months.

(2) The regulations may, in particular, make provision—

(a) about the amounts which may be charged, including different amounts for different institutions;

(b) about the charging of proportions of those amounts in certain circumstances;

(c) about when a fee is payable, including about payment by instalments;

(d) about the consequences of non-payment;

(e) about notification of institutions of the fees payable, when they are payable and the consequences of non-payment;

(f) about the recovery of fees and of costs in recovering those fees;

(g) about the imposition of financial penalties for late payment of fees;

(h) about rights of appeal in respect of the imposition of such penalties;

(i) about the charging of interest;

(j) about the waiving or refunding of fees.

(3) The regulations may provide for the amounts of fees to be calculated by reference to costs incurred, or to be incurred, by the OfS in the performance of any of its functions (including costs unconnected with maintaining the register or with the institution in question).

(4) Regulations under this section may be made only with the consent of the Treasury.