The Director of the Office of Management and Enterprise Services shall establish a procedure to assess and pay interest for the late payment of an invoice, which interest shall be calculated beginning the thirtieth day after receipt by the designated office of a proper invoice for which payment has not been mailed, transmitted, or delivered to a vendor by the close of business on the forty-fifth day. Such interest shall be at an annualized rate based on an average of the interest rate for thirty-day time deposits of state funds during the last calendar quarter of the last preceding fiscal year, as reported by the State Treasurer.
Added by Laws 1983, p. 1168, H.J.R. No. 1010, § 2, emerg. eff. May 24, 1983. Amended by Laws 2009, c. 441, § 49, eff. July 1, 2009. Renumbered from § 41.4b of this title by Laws 2009, c. 441, § 64, eff. July 1, 2009. Amended by Laws 2012, c. 304, § 395.
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