2006 Code of Virginia § 2.2-4805 - Interest, administrative charges and penalty fees

2.2-4805. Interest, administrative charges and penalty fees.

Each state agency and institution may charge interest on all past dueaccounts receivable in accordance with guidelines adopted by the Departmentof Accounts and at the underpayment rate prescribed in 58.1-15. Each pastdue accounts receivable may also be charged an additional amount that shallapproximate the administrative costs, excluding attorneys' fees notauthorized by contract, arising under 2.2-4806. Agencies and institutionsmay also assess late penalty fees, not in excess of ten percent of thepast-due account on past-due accounts receivable. The Department of Accountsshall adopt regulations concerning the imposition of administrative chargesand late penalty fees.

(1988, c. 544, 2.1-732; 2001, c. 844.)