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022-12 Interest on Delinquent Remittance of Funds

Registration and Title Bulletin - #022-12

Date: June 28, 2012

To:

All County Tax Assessor-Collectors

Subject:

Interest on Delinquent Remittance of Funds

PURPOSE

This is to inform you of a change to the department's practice for assessment and invoicing of interest fees for late payment of registration revenues collected by counties.

DETAILS

A fee required to be sent to the department under Chapter 502 of the Transportation Code begins to accrue interest for the benefit of the state highway fund "on the 60th day after the date the county assessor-collector collects the fee." In recent years the department has not invoiced interest fees authorized by statute.

Beginning September 1, 2012, the department will begin invoicing counties for interest charges when remittance payments of funds collected under Chapter 502 of the Transportation Code are submitted more than 59 days past collection. The interest rate set by statute is an annual rate of 10 percent.

COUNTY ACTION

To avoid interest charges, ensure that funds are remitted as required by statute

CONTACT

If you have any questions, please contact your local TxDMV Regional Service Center.

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