Ill. Admin. Code tit. 74, § 710.40 - Surcharges
In the event that scheduled warrants are not presented by the above time, the Treasurer shall assess a surcharge to the presenting entity equal to the amount of investment income lost on reserved funds.
a) Such surcharge will be calculated on the
principal amount of the non-completed transfer, at the average repurchase
agreement rate received by the State Treasurer from its major clearing banks on
that day.
b) This surcharge must be
paid prior to making subsequent requests.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.