Interest.
1. Except as otherwise provided in subsection 2, in addition to any penalties for which he may be liable, any person who fails to report or to pay or deliver abandoned property within the time prescribed by this chapter shall pay to the Administrator interest at the rate of 18 percent per annum on the money or the value of other property from the date on which the property should have been paid or delivered.
2. The Administrator may waive the right to the payment of interest pursuant to this section if:
(a) The person otherwise obligated to make payment files with the Administrator a verified statement of the facts, showing that his failure to report or to make payment or delivery was not willful or negligent but occurred because of circumstances beyond his control; and
(b) The Administrator so finds.
Last modified: February 27, 2006