N.M. Admin. Code § 1.6.3.9

Current through Register Vol. 35, No. 21, November 5, 2024

Section 1.6.3.9 - PAYMENT OF BILLINGS; INTEREST CHARGE FOR LATE PAYMENT; CANCELLATION OF LOCAL PUBLIC BODIES

A. The rate schedules will outline the percentage interest charge for late payments for participants in the state fund and local public body fund.

B. The rate schedule will outline how many days participants in the state account will have before payment is delinquent after the date assessment. Participants in the state fund are responsible for paying assessments and interest charges.

C. In accordance with 51-1-46 C NMSA 1978, the director of RMD shall terminate the participation of any local public body if the local public body fails to pay any assessment by RMD within 30 days of the assessment. A local public body may be reinstated without loss of coverage if the local public body pays all assessments and interest charges within 90 days of the billing of the assessment charge that were not paid.

N.M. Admin. Code § 1.6.3.9

6/14/1997; 1.6.3.9 NMAC - Rn, 1 NMAC 6.3.9, 9/15/2004, Adopted by New Mexico Register, Volume XXIX, Issue 23, December 11, 2018, eff. 12/11/2018