Section 20.488 - Payments(a) If the payment request has been submitted according to the statewide accounting system requirements and these rules, the comptroller shall initiate payment to the state agency for the amount identified in the payment request by: (1) electronic funds transfer; or (b) A payment is not overdue if the payment is made by the comptroller by the distribution date as defined in Government Code, § 2251.001. (c) Any payment owed by an agency must be mailed or transmitted electronically to the contractor no later than 30 days after the later of the day: (1) on which the agency received the goods; (2) the performance of the service under the contract is completed; or (3) on which the agency received the invoice for goods or services. (d) Overdue payments, or the unpaid balance of a partially paid invoice amount, will accrue interest at the interest rate in effect on September 1 of the fiscal year in which the payment becomes overdue. The rate in effect on September 1 is equal to the sum of: (2) the prime rate as published in the Wall Street Journal on the first day of July of the preceding fiscal year that does not fall on a Saturday or Sunday. (e) The unpaid balance of a partial payment made within the 30 day period provided by this section accrues interest as provided by subsection (c) of this section unless the balance is in dispute. (f) If the state agency has returned a disputed invoice to the contractor and the state agency and the contractor resolve the dispute in favor of the vendor, the vendor is entitled to receive interest on the unpaid balance of the invoice submitted by the vendor in accordance with this subsection. (g) If the state agency returned a disputed invoice to the contractor and the state agency and the contractor resolve the dispute in favor of the agency, the contractor shall submit a corrected invoice. The invoice shall be reviewed according to this division starting from the date of the corrected invoice.34 Tex. Admin. Code § 20.488
Adopted by Texas Register, Volume 42, Number 03, January 20, 2017, TexReg 240, eff. 1/24/2017