Delaware § 1185 Waiver of interest and penalty [For application of this section, see 83 Del. Laws, c. 59, § 25]

Delaware Statutes

§ 1185 — Waiver of interest and penalty [For application of this section, see 83 Del. Laws, c. 59, § 25]

Delaware·Title 12·Part Descent and Distribution; Escheat·Ch. 11 ESCHEATS·Subch. Unclaimed Property

(a)The State Escheator may, for good cause, waive, in whole or in part, interest and penalties under § 1183 or § 1184 of this title, subject to the following requirements:

(1)Except as provided in (a)(2) of this section, interest must be no less than 20% per incident for any holder who receives a notice of examination after August 1, 2021.

(2)Interest must be 1% per incident for any holder who receives a notice of examination after August 1, 2021, who completes and remits payment pursuant to a Department of Finance expedited examination process under § 1172(c) of this title.

(3)For the purposes of this section, “per incident” means the total past-due examination liability, including any estimated liability under § 1176(a) of this title.

(4)The State Escheator shall not waive inter

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(a) The State Escheator may, for good cause, waive, in whole or in part, interest and penalties under § 1183 or § 1184 of this title, subject to the following requirements:

(1) Except as provided in (a)(2) of this section, interest must be no less than 20% per incident for any holder who receives a notice of examination after August 1, 2021.

(2) Interest must be 1% per incident for any holder who receives a notice of examination after August 1, 2021, who completes and remits payment pursuant to a Department of Finance expedited examination process under § 1172(c) of this title.

(3) For the purposes of this section, “per incident” means the total past-due examination liability, including any estimated liability under § 1176(a) of this title.

(4) The State Escheator shall not waive interest and penalties for any examination initiated pursuant to information provided by a whistleblower, provided that the whistleblower and any of its agents and counsel have complied with the obligations set forth in the written agreement required by § 1191(a) of this title.

(b) The Secretary of State may waive interest due on outstanding unpaid amounts reported through the Secretary of State’s voluntary disclosure program pursuant to § 1173 of this title.

(c) [Repealed.]

Delaware § 1185 (Waiver of interest and penalty [For application of this section, see 83 Del. Laws, c. 59, § 25]) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.