35-18-505. Penalty and interest for delinquency -- waiver. (1) Fees due under this chapter become delinquent if not paid on or before July 1 for the previous calendar year. The department of revenue shall add to the amount of each delinquent fee a penalty of 10% of the amount of the fee plus interest at the rate of 1% per month or fraction of a month computed on the total fee. Interest is computed from the date the fees were due to the date of payment.
     (2) The 10% penalty may be waived by the department if reasonable cause for the failure or neglect to pay the fee required by 35-18-503 is provided to the department.

     History: En. Sec. 16, Ch. 676, L. 1991.