(a) If a business offers a government agency a discount from the amount otherwise due under a contract for property or services in exchange for payment within such specified period of time, the government agency may make payment in an amount equal to the discounted price only if payment is made within such specified period of time.

(b) Each government agency which violates Subsection (a) of this Section shall pay an interest penalty on any amount which remains unpaid in violation of that Subsection. Such interest penalty shall accrue on such unpaid amount in accordance with regulations prescribed pursuant to § 22505 of this Article except that the required payment date for such unpaid amount shall be the last day of the specified period of time described in Subsection (a) of this Section.