5-26-3. Interest on overdue payments--Rate.
Any proper invoice not paid within forty-five days shall accrue interest beginning on the thirtieth day after receipt of property or service and receipt of the invoice covering the delivered items or services. Interest shall accrue and be charged on any payment overdue under §5-26-2 at the Category B rate of interest as established in §54-3-16 or at the rate specified by contract.
Source: SL 1984, ch 41, §3; SL 1985, ch 45, §3; SL 2018, ch 47, §1.
Structure South Dakota Codified Laws
Title 5 - Public Property, Purchases and Contracts
Chapter 26 - Prompt Payment Act
Section 5-26-2 - Deadlines for payments.
Section 5-26-3 - Interest on overdue payments--Rate.
Section 5-26-3.1 - Payment of less than five dollars in interest prohibited.
Section 5-26-4 - Additional appropriations for interest prohibited.
Section 5-26-5 - Disputed payments exempt--Notice of dispute required.
Section 5-26-7 - Citation of chapter.
Section 5-26-8 - Exemptions of transactions between government agencies.