Sec. 1. (a) Except as provided in section 2 of this chapter, every state agency and political subdivision shall pay a late payment penalty at a rate of one percent (1%) per month on amounts due on written contracts for public works, personal services, goods and services, equipment, and travel whenever the state agency or […]
Sec. 2. (a) Section 1 of this chapter does not apply to the following: (1) Interagency or intergovernmental transactions. (2) Amounts payable to employees or prospective employees of state agencies or political subdivisions as reimbursement for expenses. (3) Claims subject to a good faith dispute, if before the date of timely payment notice of the […]
Sec. 3. (a) The auditor of state shall pay a late payment penalty on behalf of any state agency required to pay late payment penalties under this chapter. The auditor of state shall pay the penalties from funds designated for administrative costs of the agency receiving the public works, personal services, goods and services, equipment, […]
Sec. 4. (a) This section applies to contractors receiving late payment penalties under section 1 of this chapter. (b) A contractor who is unable to make timely payments to a subcontractor because of a state agency or political subdivision’s failure to make timely payments to the contractor shall pay interest to the subcontractor at the […]
Sec. 5. (a) The auditor of state shall prepare a list that: (1) identifies each state agency that has paid, or on whose behalf the auditor of state has paid, a late payment penalty under this chapter; and (2) states the sum paid by the agency or by the auditor of state on behalf of […]
