HI HB1693

Amends Hawaii Revised Statutes Section 103-10 to establish a separate interest rate for late payments to operators of adult day care facilities, community care foster family homes, and adult residential care homes.

Currently, all vendors are entitled to interest at the prime rate plus two percent on late State and county payments; this bill creates a different rate for care home operators (specific rate amount is blank in the bill text).

Payments to care home operators are currently due within 30 calendar days of invoice receipt or service delivery, with interest accruing from day 31 if payment is late.

Purpose is to incentivize timely government payments and compensate care home operators for financial hardship caused by payment delays, which can affect mortgage payments and care quality.

Effective date is July 1, 2050.