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1136 LAWS OF MARYLAND Ch. 3 42
by the Secretary of the Treasury pursuant to § 6621 of the
Internal Revenue Code of 1954, and in effect on July 1, 1982.
(2) For all months beginning January 1, 1983,
one-twelfth of the adjusted annual rate of interest established
by the Secretary of the Treasury pursuant to § 6621 of the
Internal Revenue Code of 1954, and in effect on each respective
January 1 for the succeeding 12 months.
(b) However, the applicable rate of interest may not be in
excess of 1.25 percent nor be less than 1 percent.
Article 88D - State Lottery
23A.
(A) IF ANY PERSON GIVES A CHECK TO THE AGENCY AND THE CHECK
IS NOT HONORED BY THE BANK ON WHICH IT IS DRAWN, OR IF THE AGENCY
INITIATES AN ELECTRONIC TRANSFER OF FUNDS FROM THE ACCOUNT OF A
LICENSED LOTTERY AGENT TO THE STATE LOTTERY ACCOUNT FOR MONEY
RECEIVED FROM THE SALE OF LOTTERY TICKETS AND THAT ELECTRONIC
TRANSFER IS NOT HONORED BY THE BANK ON WHICH IT IS DRAWN, THEN
THE AGENCY MAY IMPOSE A SERVICE CHARGE EQUAL TO THE GREATER OF :
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(1) 3 PERCENT OF THE CHECK OR ELECTRONIC TRANSFER; OR
(2) $25.
(B) ALL MONEYS RECEIVED BY A LICENSED LOTTERY AGENT FROM
THE SALE OF LOTTERY TICKETS, LESS ANY AGENT COMMISSIONS OR
PAYMENT, SHALL BE DUE AND OWING ON THE DAYS OR DATES SPECIFIED BY
THE AGENCY. ANY PAYMENTS NOT MADE WITHIN 10 DAYS AFTER THE DUE
DATE SHALL BE SUBJECT TO INTEREST CHARGED AT THE RATE OF 18
PERCENT PER ANNUM DETERMINED UNDER § 204 OF ARTICLE 81 OF THE
CODE UNTIL PAID.
(C) IF THE AGENCY REFERS THE COLLECTION OF ANY DELINQUENT
ACCOUNT OR DEBT TO THE CENTRAL COLLECTION UNIT OF THE DEPARTMENT
OF BUDGET AND FISCAL PLANNING, THEN THE AMOUNT DUE AND OWING TO
THE AGENCY SHALL BE INCREASED BY 15 PERCENT TO COVER THE COST OF
COLLECTION BY THE CENTRAL COLLECTION UNIT.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
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Approved May 24, 1983.
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