(a) To redeem tax-delinquent land with the county collector or the Commissioner of State Lands and to purchase tax-delinquent land at the Commissioner of State Lands' sale the redeemer or purchaser of tax-delinquent land shall pay all delinquent taxes, plus:
(1) Ten percent (10%) simple interest for each year of delinquency;
(2) A ten percent (10%) penalty for each year of the delinquency; and
(3) The costs incurred by the county and the Commissioner of State Lands.
(b) The penalties and interest shall accrue beginning on October 16 in the year of delinquency.
(c) Payment to redeem tax-delinquent land under this section shall be made by cash or certified funds, including without limitation a money order, cashier's check, or certified bank check if the redemption occurs:
(1) Within sixty (60) days before the date of the scheduled sale; or
(2) During the redemption period following the sale.
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