The board may charge interest on the amount of any payment due and unpaid by a contracting agency until payment is received. Interest shall be charged at the greater of the annual return on the system’s investments for the year prior to the year in which payments are not timely made or a simple annual rate of 10 percent. The interest shall be deemed interest earnings for the year in which the late payment is received.
(Amended by Stats. 2016, Ch. 415, Sec. 24. (AB 2375) Effective January 1, 2017.)
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