Oregon Statutes 571.462 – Penalty for delayed payment of assessment
(1) In addition to the penalties prescribed in ORS § 571.501, a person who delays transmittal of funds beyond the time set by the Oregon Hemp Commission shall pay a penalty of 10 percent of the amount due and one and one-half percent interest per month on the unpaid balance of the assessment.
Terms Used In Oregon Statutes 571.462
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2) The commission may waive the penalty and interest described in subsection (1) of this section upon a showing of good cause, as determined by the commission by rule.
(3) Notwithstanding subsection (1) of this section, if an assessment is collected pursuant to a federal marketing order or agreement, the commission may establish a penalty or interest rate that is consistent with the federal marketing order or agreement. [2021 c.216 § 23]
See note under 571.400.