Sec. 29. (a) The board shall add a penalty of one and one-half percent (1.5%) per month on an unpaid assessment, beginning with the day following the date the assessment was due. Any remaining amount due, including an unpaid penalty assessed under this section, shall be increased at the same rate on the corresponding day of each succeeding month until paid.

     (b) For purposes of this section, an assessment that was determined at a date later than prescribed by section 25 of this chapter because of the failure to submit a report to the board when due shall be considered to have been payable on the date it would have been due if the report had been timely filed.

     (c) The timeliness of a payment to the board shall be based on:

(1) the applicable postmarked date; or

(2) the date actually received by the board;

whichever is earlier.

[Pre-2008 Recodification Citation: 15-6-4-30.]

As added by P.L.2-2008, SEC.9.