A. Any person who fails to pay or deliver property within the time prescribedby this chapter shall be required to pay to the administrator interest at thesame annual rate as is applicable to delinquent taxes under § 58.1-1812 onthe property or value thereof from the date the property should have beenpaid or delivered. Such interest rate shall vary with the rate specified in §58.1-1812.
B. Any person who does not exercise due diligence as defined in § 55-210.2shall pay a civil penalty not to exceed fifty dollars for each account uponwhich due diligence was not performed.
C. Except as otherwise provided in subsection D, a holder who (i) fails toreport, pay or deliver property within the time prescribed by this chapter,(ii) files a false report, or (iii) fails to perform other duties imposed bythis chapter without good cause, shall pay to the administrator, in additionto interest as provided in subsection A, a civil penalty of $100 for each daythe report, payment or delivery is withheld or the duty is not performed, upto a maximum of the lesser of $10,000 or twenty-five percent of the value ofthe property that should have been but was not reported.
D. A holder who (i) willfully fails to report, pay or deliver property withinthe time prescribed by this chapter, (ii) willfully fails to perform otherduties imposed by this chapter without good cause, or (iii) makes afraudulent report to the administrator shall pay to the administrator, inaddition to interest as provided in subsection A, a civil penalty of $1,000for each day the report, payment or delivery is withheld or the duty is notperformed, up to a maximum of the lesser of $50,000 or 100 percent of thevalue of the property that should have been but was not reported.
E. The administrator for good cause may waive, in whole or in part, interestunder subsection A and penalties under subsections B, C, and D. All civilpenalties shall be payable to the State Treasurer.
(1984, c. 121; 1988, c. 378; 1992, c. 583; 2000, cc. 733, 745.)
A. Any person who fails to pay or deliver property within the time prescribedby this chapter shall be required to pay to the administrator interest at thesame annual rate as is applicable to delinquent taxes under § 58.1-1812 onthe property or value thereof from the date the property should have beenpaid or delivered. Such interest rate shall vary with the rate specified in §58.1-1812.
B. Any person who does not exercise due diligence as defined in § 55-210.2shall pay a civil penalty not to exceed fifty dollars for each account uponwhich due diligence was not performed.
C. Except as otherwise provided in subsection D, a holder who (i) fails toreport, pay or deliver property within the time prescribed by this chapter,(ii) files a false report, or (iii) fails to perform other duties imposed bythis chapter without good cause, shall pay to the administrator, in additionto interest as provided in subsection A, a civil penalty of $100 for each daythe report, payment or delivery is withheld or the duty is not performed, upto a maximum of the lesser of $10,000 or twenty-five percent of the value ofthe property that should have been but was not reported.
D. A holder who (i) willfully fails to report, pay or deliver property withinthe time prescribed by this chapter, (ii) willfully fails to perform otherduties imposed by this chapter without good cause, or (iii) makes afraudulent report to the administrator shall pay to the administrator, inaddition to interest as provided in subsection A, a civil penalty of $1,000for each day the report, payment or delivery is withheld or the duty is notperformed, up to a maximum of the lesser of $50,000 or 100 percent of thevalue of the property that should have been but was not reported.
E. The administrator for good cause may waive, in whole or in part, interestunder subsection A and penalties under subsections B, C, and D. All civilpenalties shall be payable to the State Treasurer.
(1984, c. 121; 1988, c. 378; 1992, c. 583; 2000, cc. 733, 745.)
A. Any person who fails to pay or deliver property within the time prescribedby this chapter shall be required to pay to the administrator interest at thesame annual rate as is applicable to delinquent taxes under § 58.1-1812 onthe property or value thereof from the date the property should have beenpaid or delivered. Such interest rate shall vary with the rate specified in §58.1-1812.
B. Any person who does not exercise due diligence as defined in § 55-210.2shall pay a civil penalty not to exceed fifty dollars for each account uponwhich due diligence was not performed.
C. Except as otherwise provided in subsection D, a holder who (i) fails toreport, pay or deliver property within the time prescribed by this chapter,(ii) files a false report, or (iii) fails to perform other duties imposed bythis chapter without good cause, shall pay to the administrator, in additionto interest as provided in subsection A, a civil penalty of $100 for each daythe report, payment or delivery is withheld or the duty is not performed, upto a maximum of the lesser of $10,000 or twenty-five percent of the value ofthe property that should have been but was not reported.
D. A holder who (i) willfully fails to report, pay or deliver property withinthe time prescribed by this chapter, (ii) willfully fails to perform otherduties imposed by this chapter without good cause, or (iii) makes afraudulent report to the administrator shall pay to the administrator, inaddition to interest as provided in subsection A, a civil penalty of $1,000for each day the report, payment or delivery is withheld or the duty is notperformed, up to a maximum of the lesser of $50,000 or 100 percent of thevalue of the property that should have been but was not reported.
E. The administrator for good cause may waive, in whole or in part, interestunder subsection A and penalties under subsections B, C, and D. All civilpenalties shall be payable to the State Treasurer.
(1984, c. 121; 1988, c. 378; 1992, c. 583; 2000, cc. 733, 745.)
