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Notice of Compliance: 1% Interest Charge on Overdue Accounts

Notice of Compliance: 1% interest charge on overdue accounts

This notice is to inform you that Central Washington University must charge 1% interest on past due accounts in accordance with *RCW 43.17.240, starting in November 2014. It will apply to items on your CWU account that are at least 30 days past due. To avoid the 1% interest charge your account must be current at all times.  For questions related to the interest charge, contact us by phone at: 509 963-3546, or by email at: StudentAccounts@cwu.edu. An interest waiver petition form is available if you meet the conditions.

*RCW 43.17.240 Debts owed to the state — Interest rate.

Interest at the rate of one percent per month, or fraction thereof, shall accrue on debts owed to the state, starting on the date the debts become past due. This section does not apply to: (1) Any instance where such interest rate would conflict with the provisions of a contract or with the provisions of any other law; or (2) debts to be paid by other governmental units. The office of financial management may adopt rules specifying circumstances under which state agencies may waive interest, such as when assessment or collection of interest would not be cost-effective. This section does not affect any authority of the state to charge or collect interest under any other law on a debt owed to the state by a governmental unit. This section applies only to debts which become due on or after July 28, 1991.

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