Violations
Sec. 45. (a) Except as provided in subsection (b), a holder that
fails to pay or deliver the property within the time required by this
chapter shall pay to the attorney general interest for the time the
holder is delinquent. Interest shall accrue under this subsection at the
following rates:
(1) The annual interest rate for a period of one (1) year or less
after the time required by this chapter for payment or delivery
of the property is:
(A) the one (1) year Treasury Bill rate published in the Wall
Street Journal or its successor on the third Tuesday of the
month in which the remittance was due; plus
(B) one (1) percentage point.
(2) The interest rate for each year after the initial year to which
subdivision (1) applies is:
(A) the one (1) year Treasury Bill rate published in the Wall
Street Journal or its successor on the third Tuesday of the
month immediately preceding the anniversary; plus
(B) one (1) percentage point.
As used in this subdivision, "anniversary" means the
anniversary of the date on which the property was originally
due to be paid or delivered under this chapter.
(b) The attorney general may waive the payment of interest
described in subsection (a), in whole or part.
(c) A holder who fails to render any report or perform other duties
required under this chapter shall pay a civil penalty of one hundred
dollars ($100) for each day for the first fifteen (15) days that the
report is withheld or the duty not performed. After the first fifteen
(15) days, the holder shall pay a civil penalty of the greater of:
(1) one hundred dollars ($100) a day for each additional day,
not to exceed five thousand dollars ($5,000); or
(2) ten percent (10%) of the value of the property at issue, not
to exceed five thousand dollars ($5,000).
Upon a showing by the holder of good cause sufficient in the
discretion of the attorney general to excuse the failure, the attorney
general may waive the penalty in whole or in part.
(d) A holder who knowingly or intentionally fails to pay or deliver
property to the attorney general as required under this chapter shall
pay an additional civil penalty equal to ten percent (10%) of the
value of the property that must be paid or delivered under this
chapter. If the attorney general believes it is in the best interest for
the administration of this chapter, the attorney general may waive the
penalty in whole or in part.
(e) A holder who willfully refuses, after written demand by the
attorney general, to pay or deliver property to the attorney general as
required under this chapter commits a Class B misdemeanor.
As added by P.L.2-2002, SEC.19. Amended by P.L.85-2005, SEC.2.
Last modified: May 24, 2006