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§ 15-104. Interest on balances

West's Annotated Code of MarylandState Finance and ProcurementEffective: June 1, 2023

West's Annotated Code of Maryland
State Finance and Procurement
Division II. General Procurement Law [Titles 11-End] (Refs & Annos)
Title 15. Procurement Contract Administration and Dispute Resolution (Refs & Annos)
Subtitle 1. Procurement Contract Administration (Refs & Annos)
Effective: June 1, 2023
MD Code, State Finance and Procurement, § 15-104
§ 15-104. Interest on balances
Currentness
In general
(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.
Interest accrual
(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.

Credits

Added by Acts 1988, c. 48, § 2, eff. Oct. 1, 1988. Amended by Acts 1993, c. 160, § 1, eff. Oct. 1, 1993; Acts 1996, c. 682, § 1, eff. Oct. 1, 1996; Acts 2022, c. 157, § 1, eff. June 1, 2023; Acts 2022, c. 158, § 1, eff. June 1, 2023.
MD Code, State Finance and Procurement, § 15-104, MD STATE FIN & PROC § 15-104
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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