# | Name | Location | Type | Details | Index | Description |
---|---|---|---|---|---|---|
.01 | rate effective date | 0;1 | DATE-TIME | B | This field identifies the date that the associated interest rate, penalty rate, and administration charges become effective. Since these rates remain in effect for any bills created during this time, this information should not be altered or deleted. For example, if the interest rate of 4% is effective on Jan 1, 1992 and the new interest rate of 4.5% is effective on March 1, 1993, any bills created during Jan 1 thru Mar 1 keep the interest rate of 4%. | |
.02 | annual interest rate | 0;2 | NUMERIC | This is the annual interest rate that bills created during the effective time periods are charged. Interest is charged on a statement to statement time basis. The daily interest rate is the interest rate divided by 360. If a number between 1 and 10 is entered, the number will be converted to percent. Example: 5 will convert to .05, 2 will convert to .02. If a number between 0 and .1 is entered, the number will not be converted by the system. Example: .05 will be 5%, .01 will be 1%. | ||
.03 | monthly admin charge | 0;3 | NUMERIC | This administrative charge is calculated on an account with any overdue bills. Administrative charges are not added to each bill, but rather on the oldest outstanding bills for each account. If an account has no delinquent outstanding bills. then administrative charges are not added, | ||
.04 | annual penalty rate | 0;4 | NUMERIC | This is the annual penalty rate that bills created during the effective time periods are charged. Interest is charged on a statement to statement time basis. The daily penalty rate is the penalty rate divided by 360. Penalty charges are only applicable to non-benefit debts. If a number between 1 and 10 is entered, the number will be converted to percent. Example: 5 will convert to .05, 2 will convert to .02. If a number between 0 and .1 is entered, the number will not be converted by the system. Example: .05 will be 5%, .01 will be 1%. | ||
.05 | litigation referral fee | 0;5 | NUMERIC | This is a one-time annual fee charged by Regional Counsel or Department of Justice organizations. At the time this field was created, it's value is retrieved only when Form Letter FL4-485 is printed. |
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