1.  Except as otherwise provided in subsection 2, a claimant shall be disqualified for benefits for any week following termination of work, which could have been compensated by vacation pay had termination not occurred, if the claimant actually receives such compensation at the time of separation or on regular paydays immediately following termination.

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2.  The Administrator may, by regulation, waive or modify the period of disqualification set forth in subsection 1:

(a) For good cause; or

(b) If the Administrator determines such action is necessary to expedite benefits and protect the health, safety and well-being of claimants.