SECTION 12.3. Penalty and Interest on Delinquent Fees

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(a) A penalty of 5.0% of the fee due shall be imposed on a person who fails to pay a fee required under this title when due, and, if the person fails to pay the fee within 30 days after the day on which the fee is due, an additional 5.0% penalty shall be imposed.
(b) Delinquent fees accrue interest beginning on the 61st day after their due date.
(c) The yearly interest rate on all delinquent fees required under this title is the prime rate plus one percent, as published in the Wall Street Journal on the first day of each calendar year that is not a Saturday, Sunday, or legal holiday.
(d) Penalties and/or interest under this section may be waived by the executive director for good cause.

Source Note: The provisions of this §12.3 adopted to be effective February 14, 1997, 22 TexReg 1322; amended to be effective March 30, 2000, 25 TexReg 2655

                    
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