(1) If not later than three (3) years after the date of payment of any amount as a contribution, interest, or penalty pursuant to this chapter, any employer who has made such a payment makes application for an adjustment thereof in connection with a subsequent contribution, interest, or penalty payment, or for a refund because the adjustment cannot be made, and the Director of the Division of Workforce Services determines that payment of the contribution, interest, or penalty, or any portion thereof, was erroneous, the director may allow the employer to make an adjustment of the amount erroneously paid, without interest, in connection with subsequent contribution, interest, or penalty payments by the employer.
(2) If the adjustment cannot be made, the director may refund, without interest, from the Unemployment Compensation Fund or from the Division of Workforce Services Special Fund, as applicable, the amount erroneously paid.
(3) However, the director shall not allow any adjustment in connection with subsequent contributions for amounts of interest or penalty payments collected on or after July 1, 1965, nor shall he or she refund any payment from the Unemployment Compensation Fund or any account of the Unemployment Compensation Fund, except that he or she may refund any payment from the interest and penalties collected after that date which are in the clearing account pending transfer to the Division of Workforce Services Special Fund.
(4) Refunds of contributions pursuant to § 11-10-210(f)(6) shall be refunded by the director from the fund without application of the provisions of this section.
(5) For like cause and within the same period, adjustment or refund may be so made on the director's own initiative.
(6) In no event shall a refund or adjustment be granted if the director finds that benefit payments have been based on wages payable or paid that have been reported in error.
(7) The director is further authorized, upon proof being submitted satisfactorily to him or her, to allow transfer of payment of contributions so that the paying source shall receive credit for contributions paid.