Interest rate - Installment payment of premiums

1. On March thirty-first of each year, the organization shall establish the interest rate to be charged to accounts with policy periods renewing between July first and June thirtieth of the following year, which elect to pay premium by installments. For the purposes of North Dakota Century Code sections 65-04-20 and 65-04-33, the interest rate is the base rate posted by the Bank of North Dakota plus two and one-half percent. The interest rate may not be lower than six percent. 2. Premium subject to installments is limited to the premium for the advance premium only. Prior period premium deficiencies must be paid in full within the original premium due date. All payments made by an employer are applied to the oldest balance first. The organization may apply alternative installment options. 3. Default of any installment payment causes the entire premium balance to be due immediately.