Statutes, codes, and regulations
Kentucky Revised Statutes
Title 6 - FINANCIAL ADMINISTRATIONChapter 45 - BUDGET AND FINANCIAL ADMINISTRATION
STATE PURCHASING
Section 45.454 - Penalty for late payment

Ky. Rev. Stat. § 45.454

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Current through 2024 Ky. Acts ch.225
Section 45.454 - Penalty for late payment

An interest penalty of one percent (1%) of any amount approved and unpaid shall be added to the amount approved for each month or fraction thereof after the thirty (30) working days which followed receipt of the goods or services or vendor's invoice by a purchasing agency.

KRS 45.454

Effective:7/15/1998
Amended 1998, Ky. Acts ch. 118, sec. 18, effective7/15/1998. -- Created 1984 Ky. Acts ch. 61, sec. 4, effective 1/1/1985.