(a) Interest may be collected upon any overpayments determined to have been made and will accrue at the rate and in the manner set forth in this section.

(b) Prior to the issuance of a notice of determination, interest will accrue at the current rate from the date of the overpayment.

(c) After the issuance of a notice of determination, interest will accrue at the current rate, plus two percentage points, or the maximum legal rate, whichever is lower.

(d) The current rate for purposes of this section is the annual rate of interest as fixed by the department, in consultation with the State Comptroller or superintendent of the Banking Department, after taking into consideration private consumer rates of interest prevailing on the date that the department became entitled to recovery of the overpayment. The rate may be revised quarterly by the department.

(e) Interest may be waived in whole or in part when the department determines the imposition of interest would effect an unjust result, would unduly burden the provider or would substantially delay the prompt and efficient resolution of an outstanding audit or investigation. No interest will be imposed upon any inpatient facility established under article 28 of the Public Health Law as a result of an audit of its costs for any period prior to the issuance of a notice of determination, nor for a period of at least 90 days after issuance of such notice.