Sec. 401.390. REMITTING PENALTY PAYMENTS; RELEASING BONDS

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(a) If a penalty is reduced or not assessed, the commissioner shall:
(1) remit to the person charged the appropriate amount of any penalty payment plus accrued interest; or
(2) execute a release of the bond if a supersedeas bond has been posted.
(b) Accrued interest on amounts remitted by the commissioner shall be paid:
(1) at a rate equal to the rate charged on loans to depository institutions by the New York Federal Reserve Bank; and
(2) for the period beginning on the date the penalty is paid to the commissioner under Section 401.389(a) and ending on the date the penalty is remitted.

Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989. Amended by Acts 1995, 74th Leg., ch. 76, Sec. 11.241, eff. Sept. 1, 1995; Acts 1997, 75th Leg., ch. 1072, Sec. 58, eff. Sept. 1, 1997.

                    
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