TITLE 74: PUBLIC FINANCE
CHAPTER VIII: DEPARTMENT OF CENTRAL MANAGEMENT SERVICES
PART 900 JOINT RULES OF THE COMPTROLLER AND THE DEPARTMENT OF CENTRAL MANAGEMENT SERVICES: PROMPT PAYMENT
SECTION 900.40 STATEMENT INDICATING THAT INTEREST PENALTY MAY BE AVAILABLE
CHAPTER VIII: DEPARTMENT OF CENTRAL MANAGEMENT SERVICES
PART 900 JOINT RULES OF THE COMPTROLLER AND THE DEPARTMENT OF CENTRAL MANAGEMENT SERVICES: PROMPT PAYMENT
SECTION 900.40 STATEMENT INDICATING THAT INTEREST PENALTY MAY BE AVAILABLE
Section 900.40 Statement Indicating That Interest Penalty May Be Available
a) The remittance advice of each commercial payment must contain the following statement or words of similar meaning:
"Payment of interest may be available if the State fails to comply with the State Prompt Payment Act [30 ILCS 540]."
b) In the case of electronic payments, the statement may be transmitted electronically or otherwise reflected within the information authorizing electronic payments.
(Source: Amended at 26 Ill. Reg. 14666, effective September 19, 2002)