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What determines whether a vendor is due interest for late payments?

April 26, 2017late PAYMENTS vendor

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What determines whether a vendor is due interest for late payments?

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State law mandates that late payment interest be paid for invoices over 30 days old from either the date that goods or services are received or the date the invoice is received. Refer to Financial Services Bulletin No. 98/99- 16 or the Handbook of Operating Procedures, Section 6.1.11.