Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 900 - JOINT RULES OF THE COMPTROLLER AND THE DEPARTMENT OF CENTRAL MANAGEMENT SERVICES: PROMPT PAYMENT
Section 900.90 - When and How Vendors Must Request Interest
Current through Register Vol. 48, No. 12, March 22, 2024
a) Interest amounting to $50 or more need not be requested by a Vendor. Agencies are responsible for calculating and paying such interest and are to do so within a reasonable time.
b) Interest amounting to $5 but less than $50 must be requested by the Vendor.
c) Interest amounting to less than $5 will not be paid by the State, except in relation_to a request that results from the application of the provisions of this Part to claims for prescription services submitted pursuant to Article V of the Public Aid Code [305 ILCS 5 /Art. V], covering ALL KIDS Health Insurance Act [215 ILCS 170 ] and the Children's Health Insurance Program Act [215 ILCS 106 ] by a pharmacy to the Department of Healthcare and Family Services.
d) Interest is to be calculated for each individual Vendor bill received. A determination of whether an interest penalty is owed is to be made for each individual bill and may not be based upon summing interest from two or more bills together. If a State agency divides a Vendor bill into parts for payment from multiple funding sources, interest is to be calculated for each individual part in order to determine if interest is owed for that part of that bill.