01-001-60 Me. Code R. § X

Current through 2024-49, December 4, 2024
Section 001-60-X - Delinquent Pool Payments
A. Where a Pool payment is not made by the day established in Section III or III-A the Pool Administrator will include the amount of the Pool payment due in calculating the total amount of money in the Pool for the month and in calculating the redistribution rate for the month and the redistribution rate for any over-order premium.
B. If the amount available in the Pool for payment to producers is insufficient to pay to producers the full amount to which each is entitled, a pro-rata amount shall be paid to each on an equitable basis as determined by the Pool Administrator, who shall keep a record of all deficiencies.
C. Any dealer who is delinquent in making a Pool payment shall be liable to the Pool Administrator for interest on the delinquent amount of the rate of 15% per year beginning on the day on which the payment was due, and shall be liable to the Pool Administrator for all costs of collecting the delinquent amount, including any legal costs incurred on behalf of the Pool. Such interest and costs, when paid in full, shall be considered an administrative settlement in lieu of prosecution under 7 M.R.S.A. Sec.3155. D. Following receipt of a delinquent payment, the Pool Administrator shall pay each producer entitled to payment of a deficiency under B. a pro rats amount not to exceed the amount of the deficiency owed that producer. Any interest received under c. shall be paid on a pro rata basis to producers at the rate of 15% per year on the amount of the deficiency owed to each, beginning from the day the deficiency arose. The Pool Administrator need not make payments under this provision. separately, but may include such payments with the subsequent Pool allotment or payment of amount due out of the Pool to or on behalf of each producer.

01-001 C.M.R. ch. 60, § X