(A) An impact fee must be refunded to the owner of record of property on which a development impact fee has been paid if:
(1) the impact fees have not been expended within three years of the date they were scheduled to be expended on a first-in, first-out basis; or
(2) a building permit or permit for installation of a manufactured home is denied.
(B) When the right to a refund exists, the governmental entity shall send a refund to the owner of record within ninety days after it is determined by the entity that a refund is due.
(C) A refund must include the pro rata portion of interest earned while on deposit in the impact fee account.
(D) A person entitled to a refund has standing to sue for a refund pursuant to this article if there has not been a timely payment of a refund pursuant to subsection (B) of this section.