1. (a) If a first purchaser fails to remit the assessments collected during a period specified in section 28 of this chapter within thirty (30) days after the end of the period, the ISA shall contact the first purchaser and allow the first purchaser to present comments to the ISA concerning:

   1. (1) the status and amount of the assessments due; and
   2. (2) reasons why the ISA should not bring legal action against the first purchaser.

2. (b) After allowing a first purchaser the opportunity to present comments, the ISA:

   1. (1) may adjust the amount of the assessments due, if the first purchaser's comments reveal that the ISA's figure is inaccurate;
   2. (2) may assess a penalty against the first purchaser;

   3. (3) shall:

      1. (A) assess a fee for an unpaid assessment due the ISA, from a person responsible for remitting assessments, at the rate of two percent (2%) of the amount of the unpaid assessment each month, beginning with the day following the date the assessment is due under this subsection; and
      2. (B) if there is any remaining amount due after the assessment of the fee under clause (A), assess a fee at the same rate on the corresponding day of each month thereafter until the entire amount of the unpaid assessment is paid;
   4. (4) shall compute the amounts payable on unpaid assessments under this section monthly and include any unpaid late charges previously applied under this section; and
   5. (5) shall determine the date of a payment for purposes of this subsection by the postmark applied to the remitting envelope or the date of the missed assessment.

3. (c) If a first purchaser fails to remit assessments after being allowed to present comments under subsection (a) or to pay any penalty assessed under subsection (b), the ISA may bring a civil action against the first purchaser in a circuit, superior, or municipal court of any county. The action shall be tried and a judgment rendered as in any other proceeding for the collection of a debt. In an action under this subsection, the ISA may obtain:

   1. (1) a judgment in the amount of all unremitted assessments and any unpaid penalty; and
   2. (2) an award of the costs of bringing the action.

As added by P.L.8-2026, SEC.1.