23-2-716. Penalty and interest for delinquency -- waiver. (1) Assessments due under this chapter are delinquent if not paid on or before December 31. The department of commerce shall add to the amount of each delinquent assessment a penalty of 10% of the amount of the assessment plus interest at the rate of 1% per month or fraction of a month, computed on the total amount of assessment. Interest is computed from the date the assessment was due to the date of payment.
     (2) The 10% penalty may be waived by the department of commerce if reasonable cause is established for the failure or neglect to file the return required by 23-2-715 or to pay the assessment due to the department of commerce.

     History: En. Sec. 10, Ch. 676, L. 1991; amd. Sec. 41, Ch. 10, L. 1993.