Md. Code Ann., State Fin. & Proc. § 15-104
Redline — January 1, 2019 → current.View current text →
Current — January 1, 2023
As of January 1, 2019
(a) Except as provided in § 15–105 of this subtitle, interest shall accrue at the rate of 9% per annum on any amount that: (1) is due and payable by law and under the written procurement contract; and (2) remains unpaid more than 45 days after a unit receives an invoice.
(a) Except as provided in § 15–105 of this subtitle, interest shall accrue at the rate of 9% per annum on any amount that: (1) is due and payable by law and under the written procurement contract; and (2) remains unpaid more than 37 days after a unit receives an invoice.
(b) Interest shall accrue beginning on the 31st day after:
(1) the day on which payment becomes due under a procurement contract; or
(2) if later, the day on which the unit receives an invoice.
(b) Interest shall accrue beginning on the 31st day after:
(1) the day on which payment becomes due under a procurement contract; or
(2) if later, the day on which the unit receives an invoice.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.