Exempts political subdivisions with fewer than five hundred inhabitants from fines levied for late filings of annual financial statements

HB 514 exempts political subdivisions (like small towns or local agencies, excluding counties and school districts) with fewer than 500 residents from daily $500 fines for late annual financial filings. It specifically removes penalties under Section 9 of the existing law for these small entities, while maintaining all other filing requirements. The bill clarifies that such subdivisions must still submit financial reports on time, but will not face fines for delays. This change applies immediately upon enactment and voids any previously assessed fines for qualifying subdivisions.