The board may charge interest on the amount of any payment due and unpaid by a contracting agency until payment is received. Interest shall be charged at a simple annual rate of 10 percent. The interest shall be deemed interest earnings for the year in which the late payment is received.
Cal. Gov. Code § 20537
Contracting Agency Financial Obligations
Known as the Public Employees’ Retirement Law
The act spans §§ 20000–21716 (1,037 sections).
Amended by Stats. 2023, Ch. 159, Sec. 3
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.