The Commission may impose penalties of up to 5 percent of the amount of an underpayment, unless an extension is granted as provided in §E of this regulation. A hospital that violates the provisions of Regulation .03 of this chapter shall, in addition to the penalties imposed under §A of this regulation, be subject to an annualized interest charge of 3 percentage points above the most recent average prime rate of interest, as published in the “Money Rates” section of the The Wall Street Journal, on the unpaid balance. In addition to the penalties the Commission may impose on a hospital that fails to pay the remittance in a timely manner, the Commission may refer the hospital's delinquent account to the Department of Budget and Fiscal Planning's Central Collection Unit pursuant to the procedures in State Finance and Procurement Article, Title 3, Subtitle 3, Annotated Code of Maryland. A hospital may file a written request with the Commission for a reasonable extension of time to make payment if the extension request is: Made in writing to the attention of the Executive Director; Supported by sufficient justification; and Made at a reasonable time before the due date of a required payment. The Executive Director shall respond promptly in writing to the requesting hospital upon receipt of the request by either approving or disapproving the request. Extensions will be granted only for valid reasons.