§ 1264 - Interest and penalties
§ 1264. Interest and penalties
(a) In addition to any other penalty provided by law:
(1) A holder who fails to report, pay, or deliver property within the time prescribed by this chapter shall pay to the treasurer interest on the property or value thereof from the date the property should have been reported, paid, or delivered. Interest shall be assessed at the prime rate as reported in the Money Rates section of the Wall Street Journal on the day the invoice for interest is issued by the treasurer's office.
(2) Except as otherwise provided in subdivision (3) of this subsection, a holder who fails to report, pay, or deliver property within the time prescribed by this chapter, or fails to perform other duties imposed by this chapter, shall pay to the treasurer, in addition to interest as provided in this subsection, a civil penalty of $200.00 for each day the report, payment, or delivery is withheld, or the duty is not performed, up to a maximum of $5,000.00.
(3) A holder who willfully fails to report, pay, or deliver property within the time prescribed by this chapter, or willfully fails to perform other duties imposed by this chapter, shall pay to the treasurer, in addition to interest as provided in this subsection, a civil penalty of $1,000.00 for each day the report, payment, or delivery is withheld, or the duty is not performed, up to a maximum of $25,000.00, plus 25 percent of the value of any property that should have been but was not reported.
(4) A holder who knowingly makes a false representation shall pay to the treasurer, in addition to interest as provided in this subsection, a civil penalty of $1,000.00 for each, false representation up to a maximum of $25,000.00, plus 25 percent of the value of any property that should have been but was not reported.
(5) The treasurer for good cause may waive, in whole or in part, interest and penalties under this subsection, and shall waive penalties if the holder acted in good faith and without negligence.
(6) Civil penalties under this section may be imposed by a court of competent jurisdiction.
(b) The treasurer, through the attorney general, may seek and obtain an injunction from a court of competent jurisdiction to require compliance with any provision of this chapter. (Added 2005, No. 161 (Adj. Sess.), § 1.)