65 IAC 2-1-21 - Penalty for late payments

Authority: IC 4-30-3-7; IC 4-30-3-9

Affected: IC 4-30-3-16; IC 4-30-8

Sec. 21.

(a) Any contract to which the commission is a party shall not require a late payment penalty at a rate in excess of one percent (1%) per month whenever the commission fails to make timely payment.

(b) For the purposes of this section, payment is timely if a check or payment is mailed or delivered on the date specified for the amount specified in the applicable contract documents, or if no date is specified, within thirty-five (35) days receipt of a properly completed claim or invoice.

Notes

65 IAC 2-1-21

State Lottery Commission; 65 IAC 2-1-21; emergency rule filed Feb 11, 2011, 2:41 p.m.: 20110216-IR-065110082ERA Readopted filed 11/21/2017, 2:03 p.m.: 20171220-IR-065170438RFA Readopted filed 11/21/2019, 1:49 p.m.: 20191218-IR-065190507RFA Readopted filed 5/26/2023, 8:01 a.m.: 20230621-IR-065230294RFA