The Director of the Office of Management and Enterprise Services shall establish a procedure to assess and pay interest for the late payment of an invoice, which interest shall be calculated beginning the thirtieth day after receipt by the designated office of a proper invoice for which payment has not been mailed, transmitted, or delivered to a vendor by the close of business on the forty-fifth day. Such interest shall be at an annualized rate based on an average of the interest rate for thirty-day time deposits of state funds during the last calendar quarter of the last preceding fiscal year, as reported by the State Treasurer.

Laws 1983, HJR 1010, p. 1167, § 2, emerg. eff. May 24, 1983; Amended by Laws 2009, HB 2015, c. 441, § 49, emerg. eff. July 1, 2009 (superseded document available); Renumbered from 62 O.S. § 41.4b by Laws 2009, HB 2015, c. 441, § 64, emerg. eff. July 1, 2009; Amended by Laws 2012, HB 3079, c. 304, § 395 (superseded document available).