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RULE §3.504Payment of Assessments, Incentives for Early Payment; Penalties for Late Payment; Website

(a) All assessments are due in full, postmarked to the foundation on or before the due date set by the commissioner each year.

(b) Any grower who pays the full amount of the assessment 15 or more days before the due date will be entitled to a reduction in the total amount of their assessment of not less than 2.0%.

(c) Any grower who has not paid the amount of the assessment by the due date will be charged a late fee not to exceed 1.5% per month of the total amount due to the foundation.

(d) Assessments not paid 30 days or more after the due date may be referred to the department for assessment of administrative penalties in accordance with the Texas Agriculture Code§74.115, as amended by Senate Bill 631 and §3.74 of this title (relating to Penalties for Non-payment of Assessment and Failure to Timely Report Acreage).

(e) The foundation shall maintain a limited-access website that is Y2K compliant. This website shall list by zone growers whose assessments are due and unpaid beginning the date that the assessment lien established by the Code, §74.115 attaches and is perfected. Any grower whose name does not appear on this listing on the date the first buyer of cotton disburses funds to the grower, shall be considered as having paid the assessment in full. The specific information on this website shall include all of the information required to be included on a compliance certificate as described in §3.505 of this title (relating to Compliance Certificates) and any other information deemed necessary by the department. The website shall be updated as information is received by the Foundation, but at least daily during normal business hours. Access to the website shall be provided to known first buyers of cotton including cotton merchants, cotton marketing cooperatives, cotton gins and lenders. Access to the website may also be provided to others, as appropriate..

Source Note: The provisions of this §3.504 adopted to be effective October 1, 1999, 24 TexReg 7398

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