KRS 342.1221: Penalty and interest on late payment of assessments and expenses --

Waiver.

Assessments levied and expenses owed pursuant to KRS 342.122, 342.1242, and

342.1243 and unpaid on the date on which they are due and payable shall bear interest at

the rate specified in KRS 131.183 plus a penalty of one and one -half percent (1.5%) per

month or portion thereof without proration from the date on which the assessment or

expenses are due and payable. The funding commission shall have the authority to waive

part or all of the penalty, but not the interest, where it is shown to the satisfaction of the

commission that failure to timely pay assessments is due to reasonable cause. This

authority shall extend to the coal workers' pneumoconiosis fund until it ceases to exist.