§ 38-13-1205 — Other civil penalties

(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 underreported.

Legislative History

Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 454, � 1, effective July 1, 2020.