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 the greater of the annual return on the system’s investments for the year prior to the year in which payments are not timely made or 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
Showing this section's text as in effect on January 1, 2017 (in force January 1, 2017 – January 1, 2023). View current text →
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.