(a)

(1) If contributions are not paid on the date on which they are due and payable as prescribed by the Director of the Department of Workforce Services, the whole or part thereafter remaining unpaid shall bear interest at the rate of one and one-half percent (1.5%) per month from and after the due date until payment is received by the director.

(2) In computing interest for any period less than a full month, the rate shall be five-hundredths of a percent (.05%) for each day or fraction thereof.

(3) The date as of which payment of contributions, if mailed, is deemed to have been received may be determined by such regulations as the director may prescribe.

(b) (1) (A) At the end of each month, deposits in the Unemployment Compensation Fund Clearing Account which have been established as interest and penalty payments collected pursuant to §§ 11-10-716 -- 11-10-723 shall be paid over to the Treasurer of State and credited by him or her to the Department of Workforce Services Special Fund, § 19-5-984, created and established in the State Treasury.

(B) All withdrawals shall be upon voucher warrants issued, or caused to be issued, by the director for any one (1) or more of the following purposes as authorized by legislative appropriation:

(i) Refunds of the interest and penalties erroneously paid;

(ii) Replacements of money lost or erroneously expended, as provided by § 11-10-322; and

(iii) Such other and additional purposes necessary to the proper administration of this chapter as specifically provided in the appropriation for the Department of Workforce Services.

(2) Funds received as a result of the application of funds withdrawn from the fund pursuant to and in accordance with the withdrawal purposes and provisions set forth in this subsection shall also be deposited into and credited to the fund.