Payment of contributions by installments

1. The bureau may at its discretion permit an employer to pay contributions in installments. Except as provided in subsection 2, any arrangement for payment in installments shall make provisions for the payment of interest on the past due delinquent contribution balances beginning with the last day of the month following the period with respect to which such contributions accrued and ending with the date on which each such installment is paid. 2. An employing unit which becomes an employer after June thirtieth of any calendar year, or one whose applications for elective coverage is approved after that date but effective retroactively, may upon application be authorized to pay, without interest, contributions in installments on wages paid prior to the end of the calendar quarter in which such employing unit became an employer, or in which such employing unit's application for elective coverage is approved. In the event that such employer fails to pay any installment in full when it falls due, the entire unpaid balance shall immediately become due and payable and such balance shall be subject to interest from the date of default to the date of payment. 3. No such permission for the payment of contributions in installments shall preclude subsequent action by the bureau against such employer under the provisions of section 27-02-07-06.