Sec. 503.510. REMITTANCE OF PENALTY AND INTEREST. (a) If the person paid the administrative penalty and if the amount of the penalty is reduced or the penalty is not upheld by the court, the court shall order, when the court's judgment becomes final, that the appropriate amount plus accrued interest be remitted to the person.
(b) The interest accrues at the rate charged on loans to depository institutions by the New York Federal Reserve Bank.
(c) 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.
(d) If the person gave a supersedeas bond and the penalty is not upheld by the court, the court shall order, when the court's judgment becomes final, the release of the bond.
(e) If the person gave a supersedeas bond and the amount of the penalty is reduced, the court shall order the release of the bond after the person pays the reduced amount.
Added by Acts 2003, 78th Leg., ch. 326, Sec. 11, eff. Sept. 1, 2003.
Section: Previous 503.407 503.451 503.452 503.453 503.454 503.501 503.502 503.503 503.504 503.505 503.506 503.507 503.508 503.509 503.510Last modified: September 28, 2016