PENALTIES FOR THE FAILURE TO TIMELY PAY SPECIAL ASSESSMENTS

0180-20-.04 PENALTIES FOR THE FAILURE TO TIMELY PAY SPECIAL ASSESSMENTS. If a financial institution fails to pay a special assessment when due, the commissioner may, in addition to other remedies provided for under Title 45, levy a late payment penalty of up to five hundred dollars ($500) per day for each day the payment is overdue. All penalties and fines collected pursuant to this rule shall be used at the exclusive discretion of the commissioner in the administration of the department.

Authority: T.C.A. §45-1-118; Public Chapter 628, Acts of 1992, Section 1. Administrative History: Original rule filed November 30, 1992; effective March 1, 1993.