Section 38-13-1204 - Interest and penalty for failure to act in timely manner

(1) A holder that fails to report, pay, or deliver property within the time prescribed by this article 13 shall pay to the administrator interest at the annual rate specified in section 39-21-110.5 on the property or value of the property from the date the property should have been reported, paid, or delivered to the administrator until the date reported, paid, or delivered.(2) Except as otherwise provided in section 38-13-1205 or 38-13-1206, the administrator may require a holder that fails to report, pay, or deliver property within the time prescribed by this article 13 to pay to the administrator, in addition to interest included under subsection (1) of this section, a civil penalty of two hundred dollars for each day the duty is not performed, up to a cumulative maximum amount of five thousand dollars.Entire article repealed and reenacted with amendments by 2019 Ch. 110, § 1, eff. 7/1/2020.L. 2019: Entire article R&RE, (SB 19 -088), ch. 454, p. 454, § 1, effective 7/1/2020.