67-4a-1205. Other civil penalties.
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/ut/title-67/chapter-4a/67-4a-1205A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/9/2017
67-4a-1205. Other civil penalties.
(1)If a holder enters into a contract or other arrangement for the purpose of evading an obligation under this chapter or otherwise willfully fails to perform a duty imposed on the holder under this chapter, the administrator may require the holder to pay the administrator, in addition to interest as provided in Subsection 67-4a-1204(1) , a civil penalty of $1,000 for each day the obligation is evaded or the duty is not performed, up to a cumulative maximum amount of $25,000, plus 25% 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 chapter, the administrator may require the holder to pay to the administrator, in addition to interest under Subsection 67-4a-1204(1) , a civil penalty of $1,000 for each day from the date the report was made until corrected, up to a cumulative maximum of $25,000, plus 25% of the amount or value of any property that should have been reported but was not included in the report or was under reported.
Enacted by Chapter 371 , 2017 General Session