N.J. Admin. Code § 7:11-2.19
Current through Register Vol. 56, No. 12, June 17, 2024
Payments are due within 30 days of the billing date. All payments for service which are not made by the due date therefore and any other sums required to be paid to the Authority pursuant to a contract shall bear interest at a per annum rate equal to the prime rate, as from time to time established by the bank holding short-term deposits of the Authority as its prime rate (with any changes in such prime rate to be effective on any date that such rate is changed) plus two percent. The late payment charge is to be calculated from the date when the bill is payable until the actual date of payment.
N.J. Admin. Code § 7:11-2.19
See: 15 N.J.R. 1311(a), 16 N.J.R. 708(a).
Section recodified from N.J.A.C. 7:11-2.13.
Amended by R.1989 d.310, effective 6/5/1989 (operative July 1, 1989).
See: 21 N.J.R. 103(a), 21 N.J.R. 1527(a).
Interest charged changed from prime plus two with cap of 18 percent to prime as established by Citibank, N.A. plus two with no cap and effective the day the rate changes.
Recodified from 7:11-2.14 by R.1994 d.306, effective 6/20/1994 (operative July 1, 1994).
See: 25 N.J.R. 5742(a), 26 N.J.R. 2595(a).
Recodified from 7:11-2.15 by R.1997 d.230, effective 6/2/1997 (operative July 1, 1997).
See: 28 N.J.R. 5130(a), 29 N.J.R. 2551(b).
Recodified from N.J.A.C. 7:11-2.16 and amended by R.2002 d.177, effective 6/3/2002 (operative July 1, 2002).
See: 33 N.J.R. 4213(a), 34 N.J.R. 1902(b).
Substituted "First Union Bank" for "Citibank, N.A." following "as from time to time established by".
Recodified from N.J.A.C. 7:11-2.17 by R.2004 d.234, effective 6/21/2004 (operative July 1, 2004).
See: 35 N.J.R. 5472(a), 36 N.J.R. 3073(a).
Amended by R.2009 d.196, effective 6/15/2009 (operative July 1, 2009).
See: 40 N.J.R. 6891(a), 41 N.J.R. 2466(b).
Substituted "therefore" for "therefor" and "the bank holding short-term deposits of the Authority" for "First Union Bank".