Section 325.610  Interest on Unpaid Fees

a)         Late payments shall incur an interest penalty, calculated at the rate in effect from time to time for tax delinquencies under Section 1003(a) of the Illinois Income Tax Act [35 ILCS 5/1003], from the date the fee is due until the date the fee payment is received by the Agency.  [415 ILCS 5/12.5(d)]

b)         Interest rates are adjusted on a semiannual basis, on January 1 and July 1, as provided in Section 3-2(b) of the Uniform Penalty and Interest Act [35 ILCS 735/3-2(b)].

c)         The Agency does not have authority to waive interest penalties. 

d)         Interest penalties apply to unpaid fee principal amounts only.  Interest penalties are not incurred on prior unpaid interest amounts.

e)         Interest penalties are calculated daily and are applied to fee amounts not paid by the due date.

f)         Notification of any accrued interest penalties will be provided to the permit holder in the annual fee notice described in Section 325.410.