(1)(a) Interest shall accrue and be charged on payments overdue under Section 15-6-2 at 2% above the rate paid by the Internal Revenue Service on refund claims.
(b) This rate is established and adjusted on a quarterly basis and shall be applied
on a per annum basis beginning on the day after payment is due, if the payment due
date is specified by contract, or on the 61st day after receipt of the invoice, if
no payment date is specified by contract.
(c) Interest ceases to accrue on the date payment is made.
(2) Any interest that remains unpaid at the end of any 60-day period or that remains
unpaid at the end of any specified period provided by contract shall be added to the
principal amount of the debt and shall accumulate interest.
(3) A state agency may not seek additional appropriations to pay interest that accrues
because the agency failed to make payments as required by Section 15-6-2.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.