Sec. 1071.459. REMITTANCE OF PENALTY AND INTEREST. (a) If after judicial review the administrative penalty is reduced or not imposed by the court, the board shall:
(1) remit the appropriate amount, plus accrued interest, to the person if the person paid the penalty; or
(2) release the bond if the person gave a supersedeas bond.
(b) Interest accrues under Subsection (a)(1) at the rate charged on loans to depository institutions by the New York Federal Reserve Bank. The interest shall be paid for the period beginning on the date the penalty is paid and ending on the date the penalty is remitted.
Added by Acts 2001, 77th Leg., ch. 1421, Sec. 1, eff. June 1, 2003.
Last modified: September 28, 2016