California Health and Safety Code 79655 – (a) (1) Until June 30, 2021, except as provided in …
(a) (1) Until June 30, 2021, except as provided in subdivision (b), a monetary obligation to the department pursuant to this part or Chapter 6.5 (commencing with Section 25100) of Division 20 shall be subject to interest from the date of the demand at an interest rate of 7 percent per annum.
(2) Commencing July 1, 2021, except as provided in subdivision (b), a monetary obligation to the department pursuant to this part or Chapter 6.5 (commencing with Section 25100) of Division 20 shall be subject to interest from the date of the demand at an interest rate of 10 percent per annum, except that, for obligations of local governments, the interest rate shall be 7 percent per annum.
Terms Used In California Health and Safety Code 79655
- department: means State Department of Health Services. See California Health and Safety Code 20
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means any person, firm, association, organization, partnership, business trust, corporation, limited liability company, or company. See California Health and Safety Code 19
(b) (1) The department shall waive the interest described in subdivision (a) if the obligation is satisfied within 60 days from the date of invoice.
(2) If, within 45 days of receiving an invoice, the liable person provides written notice to the department in accordance with its invoice dispute resolution procedures disputing in good faith the monetary obligation specified in the invoice, or a portion thereof, the department shall waive the interest until the dispute is resolved.
(Added by Stats. 2022, Ch. 257, Sec. 2. (AB 2293) Effective January 1, 2023. Operative January 1, 2024, pursuant to Sec. 4 of Stats. 2022, Ch. 257.)