Please take notice, if payment is not received for obligations due to SUNYIT, this agency is required to use other collection alternatives. Pursuant to Chapter 55 of the Laws of 1992, State agencies may refer past-due accounts to a private collection agency, the New York State Attorney General’s Office, or the New York State Department of Taxation and Finance. In addition, State agencies are required to charge interest on outstanding debt at the current corporate underpayment rate set by the Commissioner of Taxation and Finance minus four percentage points, compounded daily, on accounts considered more than 30 days past due. Chapter 55 allows State agencies to charge a fee on dishonored checks or like instruments.
In addition, the New York State Attorney General’s Office and SUNY Central Administration have reached an agreement requiring the addition of any interest and collection fees. Students are liable for interest, late fees, a collection fee of up to 22%, and other penalties on past due debt. Collection fees will be added to new past due debts transferred, from this campus, to the Attorney General or private collection agencies, effective January 1995.
These terms and rates may be modified, without prior notice, as required by legislative action or Board of Trustees requirements.