Section 5-26-3 - Interest on overdue payments--Rate--Compounding.
5-26-3. Interest on overdue payments--Rate--Compounding. Proper invoices 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 payments overdue under § 5-26-2 at one and one-half percent per month or at the rate specified by contract.
Interest which is unpaid at the end of each sixty-day period or at the end of any specified period provided by contract shall be added to the principal amount of the debt and shall thereafter accumulate interest.
Source: SL 1984, ch 41, § 3; SL 1985, ch 45, § 3.