15-31-805. Deficiency assessment -- notice -- penalty and interest. (1) If the department determines through an audit of a foreign capital depository that the amount collected pursuant to 15-31-804 is less than the amount owed by the depository, the department shall send by certified mail to the depository a notice of the deficiency and require payment of the amount owed plus a 10% penalty within 60 days of the depository's receipt of the notice.
     (2) The depository must bear the interest charge on any deficiency assessment issued by the department in accordance with subsection (1). The rate of interest charged to the depository may not exceed 12% a year.

     History: En. Sec. 60, Ch. 382, L. 1997.