§ 2.2-4805. Interest, administrative charges and penalty fees
Each state agency and institution may charge interest on all past due accounts receivable in accordance with guidelines adopted by the Department of Accounts and at the underpayment rate prescribed in § 58.1-15. Each past due accounts receivable may also be charged an additional amount that shall approximate the administrative costs, excluding attorneys' fees not authorized by contract, arising under § 2.2-4806. Agencies and institutions may also assess late penalty fees, not in excess of ten percent of the past-due account on past-due accounts receivable. The Department of Accounts shall adopt regulations concerning the imposition of administrative charges and late penalty fees.
(1988, c. 544, § 2.1-732; 2001, c. 844.)
Sections: Previous 2.2-4800 2.2-4801 2.2-4802 2.2-4803 2.2-4804 2.2-4805 2.2-4806 2.2-4807 2.2-4808 2.2-4809 NextLast modified: April 16, 2009