Chapter V. About the penalties.

Article 51
[[When determining the amount of a fine, account shall be taken, as appropriate, of the defendant's income and assets, income, maintenance obligations, other factors affecting his ability to pay and the financial benefits or savings resulting from or intended by the offense.] 1)
Decision on alternative punishment instead of a fine, cf. Article 54, shall be independent of the consideration of the defendant's ability to pay, referred to in the first paragraph]

Article 52
The time limit for payment of a fine shall be determined in a court, settlement or ruling, but not more than 6 months.

Article 53
[Now a fine is not paid, and then replaces it… 1)imprisonment, unless the conduct is innocent of a person and the alternative punishment is then not determined. [If a legal entity is fined and an alternative penalty is not determined.]

Article 54
[When a fine is specified, a court in a court, ruling or settlement shall determine the duration of the alternative sentence, which shall not be less than 2 days and not longer than 1 year.] 1)
If part of the fine has been paid, the [chief of police] decides 2)the person who carries out the execution of a criminal sentence, the shortening of the sentence shall be reduced accordingly, but in such a way that it does not fall below the above-mentioned minimum, and that the amount of the fine, which corresponds to part of the day, is served by a full day.
[… 1)
[A fine of up to ISK 300,000, which has not been decided by the courts and the defendant has agreed in writing to the chief of police [or a police officer], 3) sentenced to imprisonment according to the following table:
Sect Substitution
0–29,999 kr. 2 days
30,000–59,999 kr. 4 days
60,000–89,999 kr. 6 days
90,000–119,999 kr. 8 days
120,000–149,999 kr. 10 days
150,000–179,999 kr. 12 days
180,000–209.999 kr. 14 days
210,000–239,999 kr. 16 days
240,000–269,999 kr. 18 days
270,000–300,000 kr. 20 days]4)
Legal basis of the alternative punishment and length of [imprisonment] 1) shall be specified in the chief of police's settlement and the defendant shall submit to the alternative punishment in writing together with other sanctions.]

Article 55
[Fines and other compulsory payments, which are to be served by law and determined in a manner other than in Article 54. can, serve time in prison.
Daily fines shall be served in prison and the district commissioner shall decide the length of detention. Authorization to appeal that decision to a court is subject to the rules of the Enforcement Act on authority to appeal the decisions made by the district commissioner in the execution of enforcement to a district court.
Execution of fines and payments under this Article shall be determined for a period not shorter than 2 days and not longer than 1 year. If part of the debt has been paid, the period of imprisonment shall be shortened accordingly, but in such a way that it will not be shorter than 2 days. A debt that corresponds to part of a day is paid off with a full day.]