(a) On or before the 20th day of June of each year the commissioner shall notify each association by mail of the amount assessed and levied against it.
(b) Except as provided in this article, an association shall pay one-half or more of the amount assessed so as to be received by the commissioner not later than the 10th day of July and shall pay the remainder so as to be received by the commissioner not later than the following 10th day of January.
(c) If payment is not received by the commissioner on time, the commissioner shall assess and collect in addition to the annual assessment, a penalty of 5 percent of the unpaid assessment for each month or part of a month that the payment is delinquent.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)