S.C. Code Regs. § 61-33.C.10

Current through Register Vol. 48, No. 5, May 24, 2024

Section 61-33.C.10 - Remitting Payments to the Fund

(A) After the Department spends Fund money on a site, the Responsible Applicant shall pay into the Fund any unspent balance of his/her deductible up to the amount spent by the Department.

(B) The Responsible Applicant shall remit the full balance of the expended funds or shall enter into a payment plan with the Department within thirty days after notification by the Department that the funds have been used.

(C) If the Responsible Applicant chooses to enter into a payment plan, the Responsible Applicant shall make payments to the Fund on a quarterly basis.

(1) No interest shall be assessed for any outstanding balance paid in full within one year after notification by the Department.

(2) For payments extending beyond one year, interest shall be collected as a fixed-rate, simple interest on the remaining balance spent by the Department.

(3) The Department will set the annual interest rate at one and one-half times greater than the Federal Prime Interest rate in effect on the first day of July of that year. All payment plans entered into during the fiscal year July 1 through June 30 shall be set at that that rate.

S.C. Code Regs. 61-33.C.10

Added by State Register Volume 21, Issue No. 6, Part 2, eff June 27, 1997; State Register Volume 41, Issue No. 05, eff. 5/26/2017.