Cal. Gov. Code § 20537
Contracting Agency Financial Obligations
Redline — January 1, 2017 → current.View current text →
Current — January 1, 2023
As of January 1, 2017
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.
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.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.