342.1221 Penalty and interest on late payment of assessments and expenses -- Waiver. Assessments levied and expenses owed pursuant to KRS 342.122, 342.1242, and 342.1243 and unpaid on the date on which they are due and payable shall bear interest at the rate specified in KRS 131.183 plus a penalty of one and one-half percent (1.5%) per month or portion thereof without proration from the date on which the assessment or expenses are due and payable. The funding commission shall have the authority to waive part or all of the penalty, but not the interest, where it is shown to the satisfaction of the commission that failure to timely pay assessments is due to reasonable cause. This authority shall extend to the coal workers' pneumoconiosis fund until it ceases to exist. Effective: July 14, 2018 History: Amended 2018 Ky. Acts ch. 54, sec. 3, effective July 14, 2018. -- Amended 1994 Ky. Acts ch. 181, Part 10, sec. 34, effective April 4, 1994. -- Created 1987 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 14, effective October 26, 1987.
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