§ 556.25 — Interest and penalties

Iowa § 556.25

• Jurisdiction: Iowa
• Title XIV: PROPERTY
• Ch. 556: DISPOSITION OF UNCLAIMED PROPERTY

Text

1. A person who fails to pay or deliver property within the time prescribed by this chapter
shall pay the treasurer of state interest at the annual rate of ten percent on the property or
value of the property from the date the property should have been paid or delivered but in no
event prior to July 1, 1984.
2. A person who willfully fails to pay or deliver property to the treasurer of state as
required under this chapter shall pay a civil penalty equal to twenty-five percent of the value
of the property that should have been paid or delivered.
3. The interest or penalty or any part of the interest or penalty as imposed in subsection
1 or 2 may be waived or remitted by the treasurer of state if the person’s failure to pay
abandoned funds or deliver property is satisfactorily explained to the treasurer of state and
if the failure has resulted from a mistake by the person in understanding or applying the

law or the facts which require that person to pay abandoned funds or deliver property as
provided in this chapter.

Legislative History

[C71, 73, 75, 77, 79, 81, §556.25]