Current with changes from the 2024 Legislative Session
Section 13-604 - Interest rates(a) The rate of interest for each month or fraction of a month is the percent equal to one-twelfth of the annual interest rate that the Comptroller sets for the calendar year under subsection (b) of this section.(b) On or before October 1 of each year, the Comptroller shall set the annual interest rate for the next calendar year on refunds and money owed to the State as the percent that equals the greater of: (1)(viii) 9% for 2023 and each year thereafter; or(2) 3 percentage points above the average prime rate of interest quoted by commercial banks to large businesses during the State's previous fiscal year, based on determination by the Board of Governors of the Federal Reserve Bank.Amended by 2017 Md. Laws, Ch. 506,Sec. 1, eff. 7/1/2017.Amended by 2016 Md. Laws, Ch. 322,Sec. 1, eff. 7/1/2016.