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Texas Occupations Code - OCC § 601.360. Remittance of Penalty and Interest

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) If, after judicial review, the administrative penalty is reduced or not imposed by the court, the court shall, after the judgment becomes final:

(1) order the appropriate amount, plus accrued interest, be remitted to the person by the advisory board if the person paid the penalty under Section 601.357(a)(2);  or

(2) if the person paid the penalty under Section 601.357(b)(1)(A) or posted a supersedeas bond, order the advisory board to:

(A) execute a complete release of the escrow account or bond, as appropriate, if the penalty is not imposed;  or

(B) release the escrow account or bond, as appropriate, after the reduced penalty has been paid from the account or by the person.

(b) The interest paid under Subsection (a)(1) is accrued at the rate charged on loans to depository institutions by the New York Federal Reserve Bank.  The interest shall be paid for the period beginning on the date the penalty is paid and ending on the date the penalty is remitted.

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Cite this article: FindLaw.com - Texas Occupations Code - OCC § 601.360. Remittance of Penalty and Interest - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-601-360/

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