(a) If the agency conducts an audit or investigation and concludes that payment of a claim was for an amount which exceeded the amount provided for under this chapter, the agency shall prepare a notice of overpayment. The notice of overpayment shall briefly summarize the findings of the audit and identify the amounts which were overpaid. If the executive director determines that the overpayment was the result of incorrect, incomplete, or inaccurate documentation submitted by the claimant, then the executive director may include in the notice of overpayment a charge for the claimant to pay interest, calculated at New York Prime, plus two points, dating from the date of overpayment by the Texas Commission on Environmental Quality (TCEQ), or its predecessor agency, to the date of repayment to the TCEQ. Interest shall be calculated each month using the interest rate determined on the first business day of each month.
(b) The notice of overpayment will be delivered to the claimant (either the party who contracted directly with the TCEQ for corrective action work, the eligible owner or operator, or the party assigned the reimbursement right under §334.302(i) - (k) of this title (relating to General Conditions and Limitations Regarding Reimbursements; Assignments).
(c) Upon receipt of a notice of overpayment, the recipient shall submit a check returning the amount of overpayment to the TCEQ.
(d) All checks rendered to return overpayments shall be made out to "The State of Texas-Petroleum Storage Tank Remediation Account" and mailed to the address specified on the notice of overpayment.

Source Note: The provisions of this §334.534 adopted to be effective August 15, 1994, 19 TexReg 5843; amended to be effective November 23, 2000, 25 TexReg 11442; amended to be effective November 18, 2004, 29 TexReg 10532