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Penalty interest, also called penalty APR (penalty annual percentage rate), [1] default interest, interest for/on late payment, statutory interest for/on late payment, [2] [3] interest on arrears, or penal interest, in money lending and in sales contracts is punitive interest charged by a lender to a borrower if installments are not paid according to the loan terms.
The Late Payment of Commercial Debts (Interest) Act 1998 [1] (c. 20) is an Act of the United Kingdom Parliament enabling businesses to charge other business customers interest on overdue accounts and to obtain compensation. The Act extends to England, Scotland and Northern Ireland.
Default interest on late payments may be charged at up to 1.46 times the ordinary maximum (i.e., 21.9% to 29.2%), while pawn shops may charge interest of up to 9% per month (i.e., 108% per year, however, if the loan extends more than the normal short-term pawn shop loan, the 9% per month rate compounded can make the annual rate in excess of 180 ...
Oil and gas industry leaders in New Mexico touted about $13.9 billion in New Mexico revenue from fossil fuels in the last fiscal year, a 32 percent increase from the year before.. In its annual ...
About one-fifth of this amount — $26.1 billion — was generated by the oil and gas industry. According to the New Mexico Tax Research Institute, total state and local government spending in ...
The oil and gas industry provides about a third of the state revenue in New Mexico. The oil and gas industry is paying the bills at a federal level as well. Recent data from the Department of ...
The state can agree with the licensees to take it in kind or in cash. This arrangement applies to both crude oil and to natural gas, both in concessionary and contractual license systems. Production shares. The body of a production sharing contract layouts the production share between the contractor(s) and the state or its state-owned oil ...
Oil and gas generated more than $15 billion in income for New Mexico in the last fiscal year, according to a state economic report presented to lawmakers during a recent meeting in Carlsbad ...