Md. Code Ann., State Fin. & Proc. § 15-104
Interest on balances
Effective Jun 1, 2023Added by Acts 1988, c. 48, § 2, eff. Oct. 1, 1988. Amended by Acts 1993, c. 160, § 1, eff. Oct. 1, 1993; Acts 1996, c. 682, § 1, eff. Oct. 1, 1996; Acts 2022, c. 157, § 1, eff. June 1, 2023; Acts 2022, c. 158, § 1, eff. June 1, 2023.State of Maryland
(a) Except as provided in § 15-105 of this subtitle, interest shall accrue at the rate of 9% per annum on any amount that:
- (1) is due and payable by law and under the written procurement contract; and
- (2) remains unpaid more than 37 days after a unit receives an invoice.
(b) Interest shall accrue beginning on the 31st day after:
- (1) the day on which payment becomes due under a procurement contract; or
- (2) if later, the day on which the unit receives an invoice.
Added by Acts 1988, c. 48, § 2, eff. Oct. 1, 1988. Amended by Acts 1993, c. 160, § 1, eff. Oct. 1, 1993; Acts 1996, c. 682, § 1, eff. Oct. 1, 1996; Acts 2022, c. 157, § 1, eff. June 1, 2023; Acts 2022, c. 158, § 1, eff. June 1, 2023.