(1) If a regulated company or an officer or employee of a regulated company files the statement required by 69-1-223 (2) but fails, neglects, or refuses to pay the fee due within the time required, the department of revenue may after the time for payment has expired add to the fee due, in addition to any other penalty provided by law, a penalty of 10% thereof plus interest at the rate of 1% per month or fraction of month computed on the total amount of the fee. Interest is computed from the date the fee is due to the date of payment.
(2) The department of revenue shall mail to the regulated company a notice, pursuant to 15-1-211, setting forth the amount of the fee, penalty, and interest. The taxpayer may seek review of the department's action pursuant to 15-1-211.
(3) The 10% penalty may be waived by the department of revenue if reasonable cause for failure and neglect to make payment is provided to the department.