Notwithstanding any other law to the contrary, the Department of Labor, through the Commissioner of Labor, shall institute a 120-day amnesty period for the payment of penalty and interest owed pursuant to title 24, section 313(b)(2), Virgin Islands Code, and title 24, section 309(a), Virgin Islands Code. The amnesty period shall take effect sixty (60) days after the enactment of this section. All outstanding contributions and payments in lieu of contributions shall be paid in full or under an installment plan in compliance with 24 VIR&R Section 307–42; provided, however, that the time period for installment payment plans under the regulation shall be extended to sixty (60) months and the down payments shall be reduced to five percent (5%). The Commissioner shall also have discretion to further extend the payment period or reduce the down payment in cases for good cause shown. All delinquent reports upon which penalties and interest were imposed must be filed in order to qualify for the cancellation of accrued penalties and interest. The Commissioner of Labor shall inform the public of the effective dates of the amnesty period pursuant to the provisions of this section.