Sec. 15-1204. Interest and penalty for failure to act in timely manner.
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Sec. 15-1204. Interest and penalty for failure to act in timely manner.
(a)A holder that fails to report, pay, or deliver property within the time prescribed by this Act shall pay to the administrator interest at a rate of 1% per month 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.
(b)Except as otherwise provided in Section 15-1 or 15-1206, the administrator may require a holder that fails to report, pay, or deliver property within the time prescribed by this Act to pay to the administrator, in addition to interest included under subsection (a), a civil penalty of $200 for each day the duty is not performed, up to a cumulative maximum amount of $5,000.
(c)A holder who fails to report, pay, or deliver property within the time prescribed by this Act shall not be required to pay interest under subsection
(a)above or be subject to penalties under subsection
(b)above if the failure to report, pay, or deliver the property was due to lack of knowledge of the death that established the period of abandonment under this Act.