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Interest and Penalty Fee

Policy Area: Statewide Accounts Receivable Program

Effective Date: July 1, 1995

Authority: § 147-86.21 directs the State Controller to adopt statewide policies and procedures and state agencies to establish internal policies and procedures for the management and collection of accounts receivable consistent with statewide policies and procedures. § 147-86.23 directs agencies to charge interest and add a late payment penalty on past due accounts, except for accounts owed to the University of North Carolina Health Care System for health care services.

Policy: State agencies will develop and implement internal policies and procedures to charge, as directed and in the manner prescribed by State Statute, interest and a late penalty fee on past-due accounts receivable. Interest shall be charged at the rate established pursuant to G.S. 105-241.21 on a past due accounts receivable from the date it was due until it is paid. Agencies should contact the Department of Revenue, to obtain the rate currently being charged. A late payment penalty fee of no more than ten percent (10%) of the accounts receivable shall be charged on all past due accounts.