(1) If a holder enters into a contract or other arrangement for the purpose of evading an obligation under this article 13 or otherwise willfully fails to perform a duty imposed on the holder under this article 13, the administrator may require the holder to pay the administrator, in addition to interest as provided in section 38-13-1204 (1), a civil penalty of one thousand dollars for each day the obligation is evaded or the duty is not performed, up to a cumulative maximum amount of twenty-five thousand dollars, plus twenty-five percent of the amount or value of property that should have been but was not reported, paid, or delivered as a result of the evasion or failure to perform.(2) If a holder makes a fraudulent report under this article 13, the administrator may require the holder to pay to the administrator, in addition to interest under section 38-13-1204 (1), a civil penalty of one thousand dollars for each day from the date the report was made until corrected, up to a cumulative maximum amount of twenty-five thousand dollars, plus twenty-five percent of the amount or value of any property that should have been reported but was not included in the report or was o a cumulative maximum amount of twenty-five thousand dollars, plus twenty-five percent of the amount or value of any property that should have been reported but was not included in the report or was underreported.Entire article repealed and reenacted with amendments by 2019 Ch. 110, § 1, eff. 7/1/2020.L. 2019: Entire article R&RE, (SB 19 -088), ch. 454, p. 454, § 1, effective 7/1/2020.
Colorado Legal Code