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Late Penalty and Interest
DELINQUENT ACCOUNTS
Charges are due and payable by the due date shown on the billing statement. Accounts that remain unpaid will be considered delinquent and in accordance with the requirements of General Statute 147-86.23 will be assessed a penalty for Late Payment and interest on any unpaid balance. The interest rate used is established by the State of North Carolina, and is currently 5%.
CALCULATION OF LATE PAYMENT PENALTY AND INTEREST
A charge is considered due on the due date for purposes of calculating penalties. A charge is delinquent 90 days after the due date. The Late Payment Penalty is 10% of the delinquent amount. Interest is assessed when a charge becomes delinquent, and is calculated at the rate of 5% on the unpaid balance from the date due until paid. Late payment penalties and interest charges are considered payable when charged, and if unpaid will be included in the unpaid balance for subsequent interest calculations.
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