Sec. 1.1116  Penalty for late or insufficient payments.

    (a) Filings subject to fees and accompanied by defective fee 
submissions will be dismissed under Sec. 1.1108(b) of this subpart where 
the defect is discovered by the Commission's staff within 30 calendar 
days from the receipt of the application or filing by the Commission.
    (1) A defective fee may be corrected by resubmitting the application 
or other filing, together with the entire correct fee.
    (2) For purposes of determining whether the filing is timely, the 
date of resubmission with the correct fee will be considered the date of 
filing. However, in cases where the fee payment fails due to error of 
the applicant's bank, as evidenced by an affidavit of an officer of the 
bank, the date of the original submission will be considered the date of 
filing.
    (b) Applications or filings accompanied by insufficient fees or no 
fees which are inadvertently forwarded to Commission staff for 
substantive review will be billed for the amount due if the discrepancy 
is not discovered until after 30 calendar days from the receipt of the 
application or filing at the Commission. A penalty charge of 25 percent 
of the amount due will be added to each bill. Any Commission actions 
taken prior to timely payment of this bill are contingent and subject to 
rescission.
    (c) Applicants to whom a deferral of payment is granted under the 
terms of this subsection will be billed for the amount due plus a charge 
equalling 25 percent of the amount due. Any Commission actions taken 
prior to timely payment of these charges are contingent and subject to 
rescission.
[ 52 FR 5289 , Feb. 20, 1987, as amended at  53 FR 40889 , Oct. 19, 1988;  55 FR 19172 , May 8, 1990. Redesignated and amended at  59 FR 30998 , June 16, 
1994. Redesignated at  60 FR 5326 , Jan. 27, 1995]