1.  When any contribution as provided in this chapter remains unpaid on the date on which it becomes due, as prescribed by the Administrator, it bears interest at the rate of 1 percent for each month or portion of a month thereafter until such payment, plus accrued interest, is received by the Administrator.

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2.  Interest accrued under this section may not be waived under any circumstances.

3.  Interest collected pursuant to this section must be paid into the Employment Security Fund.