80-2-230: Collection of fees -- release of lien -- interest.

(1) The department shall collect all fees imposed under this part and transfer the money collected to the state treasurer for deposit pursuant to 80-2-232. The department shall use due diligence in collecting the fees provided for in this part.

(2) All insurance fees are payable in full on or before November 30 of each year in which the fees are imposed.

(3) When the amount due on any hail insurance secured by a lien is paid, the department shall promptly endorse on the lien the amount paid and the date of payment. The endorsement is considered a satisfaction and release of the lien.

(4) The department shall impose interest for late payments of fees imposed under this part at the rate of 2% a month or fraction of a month on the unpaid fees. The interest imposed under this subsection accrues daily on all unpaid fees from the date on which the fees were originally due.