Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 900 - JOINT RULES OF THE COMPTROLLER AND THE DEPARTMENT OF CENTRAL MANAGEMENT SERVICES: PROMPT PAYMENT
Section 900.40 - Statement Indicating That Interest Penalty May Be Available
Universal Citation: 74 IL Admin Code ยง 900.40
Current through Register Vol. 48, No. 12, March 22, 2024
a) The remittance advice of each commercial payment must contain the following statement or words of similar meaning:
"Payment of interest may be available if the State fails to comply with the State Prompt Payment Act [30 ILCS 540 ]."
b) In the case of electronic payments, the statement may be transmitted electronically or otherwise reflected within the information authorizing electronic payments.
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