Section 47-30.2-67 - Waiver of interest and penalty1. A holder shall pay the penalty and interest or request a waiver or reduction within thirty days from the date of the receipt of a notice of a penalty and interest assessment.2. A request for a waiver or reduction of the penalty or interest must be in writing and provide the grounds for the request.3. The following factors may be considered if deciding to waive or reduce the penalty or interest: a. The reason for the holder's noncompliance;b. The degree of control the holder had over the lack of compliance;c. Any unusual or mitigating circumstances involved; and d. Any other relevant factors.4. The commissioner may waive up to twenty-five thousand dollars of the penalty or reduce interest. A request for a waiver or reduction of penalty in excess of twenty-five thousand dollars must be presented to the board, with the commissioner's recommendation, for review and decision.5. A waiver or reduction of penalty and interest does not constitute a waiver of the right to seek the full amount of both penalty and interest if the initial holder obligation is not paid. If a claim for penalties and interest is settled and payment received, the amount of penalties and interest not collected is waived.Added by S.L. 2021, ch. 337 (SB 2048),§ 17, eff. 7/1/2021.