69I-25.003. Requirements


Effective on Wednesday, November 30, 1994
  • 1(1) The following procedure shall be used by the Chief Financial Officer to set the annual rate of interest:

    20(a) An annual rate will be determined by averaging the Federal Reserve Discount Rate each month for the twelve month period ending October 31, then adding 500 basis points to this average, and rounding to two decimal places. In this calculation, one-half of a decimal point will be rounded upward.

    70(b) The daily rate will be determined by dividing the annual rate by 365 and rounding the quotient to seven (7) decimal places. In this calculation, one-half of a decimal point will be rounded upward.

    105(2) The rates will be set on December 1, as the effective rate beginning January 1 of the following calendar year.

    126(3) The Department shall provide notice of the rates by advertisement in the Florida Administrative Register at least once between December 1 and January 1.

    151(4) The Department shall inform the clerk of the courts and chief judge of each judicial circuit of the rate that has been established for the upcoming year.

    179(5) The new rate set on December 1, as the effective rate beginning January 1 of the following calendar year, does not apply to interest payments to health care providers for untimely payment as provided in section 216215.422(13), F.S. 218The interest rate for health care providers shall remain at 1% per month or .03333% per day.

    235Rulemaking Authority 23717.29 FS. 239Law Implemented 24155.03, 242215.422(3), 243337.141, 244687.01 FS. 246History–New 11-30-94, Formerly 3A-25.003.