§ 8-628. Accrual interest
West's Annotated Code of MarylandLabor and EmploymentEffective: July 1, 2023
Effective: July 1, 2023
MD Code, Labor and Employment, § 8-628
§ 8-628. Accrual interest
(a) Except as provided in § 8-201.1 of this title, a contribution or reimbursement payment that is due and unpaid shall accrue interest at the rate of 1.5% per month or part of a month from the date on which it is due until the Secretary receives the contribution or payment in lieu of contributions and the interest.
(b) Notwithstanding subsection (a) of this section, except as provided in § 8-201.1 of this title, for any calendar year in which Table F is applicable under § 8-612(d)(6) of this subtitle, a contribution or reimbursement payment that is due and unpaid shall accrue interest at the rate of 0.5% per month or part of a month from the date on which it is due until the Secretary receives the contribution or payment in lieu of contributions and the interest.
Credits
Added by Acts 1991, c. 8, § 2, eff. Oct. 1, 1991. Amended by Acts 1992, c. 59; Acts 2009, c. 188, § 1, eff. Oct. 1, 2009; Acts 2010, c. 2, § 7, eff. Jan. 1, 2012; Acts 2021, c. 39, § 4, eff. Feb. 15, 2021; Acts 2021, c. 47, § 2, eff. April 9, 2021; Acts 2021, c. 48, § 2, eff. April 9, 2021.
Formerly Art. 95A, §§ 8, 15.
MD Code, Labor and Employment, § 8-628, MD LABOR & EMPLY § 8-628
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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