52:32-35. Payment of interest, period, rate
a. Interest on amounts due shall be paid to the business concern for the period beginning on the day after the required payment date and ending on the date on which the check for payment is drawn. The interest shall be paid at a rate which the State Treasurer shall specify as applicable on the 30th day after the enactment of this act and by the 30th day after the end of each fiscal year thereafter.
In determining the rate, the Treasurer shall take into consideration current private commercial rates of interest for new loans maturing in approximately five years. The Treasurer shall publish the rate.
b. No interest charge as required by this act shall become a debt of the State until its exceeds $5.00.
c. Interest may be paid by separate payment to a business concern, but shall be paid within 30 days of the late payment.
d. No appropriation of funds shall be made for the payment of interest required by this section. The division or using agency, whichever is responsible for the late payment, shall pay any interest charges required by this act out of the funds available for the administration of division or agency programs.
L.1987,c.184,s.4; amended 1991,c.64,s.3.
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Last modified: October 11, 2016