§ 33-21.1-34 — § 33-21.1-34. Interest and penalties.

Rhode Island § 33-21.1-34

• Jurisdiction: Rhode Island
• Title 33: Probate practice and procedure
• Ch. 33-21.1: Unclaimed Intangible and Tangible Property

Text

§ 33-21.1-34. Interest and penalties.

(a) A person who fails to pay or deliver property within the time prescribed by this chapter may be required to pay to the administrator interest at the annual rate of twelve percent (12%) above the annual rate of discount, in effect on the date the property should have been paid or delivered, for the most recent issue of fifty-two (52) week United States Treasury bills on the property or value thereof from the date the property should have been paid or delivered.

(b) A person who willfully fails to render any report or perform other duties required under this chapter shall pay a civil penalty of not less than one hundred dollars ($100) nor more than five hundred dollars ($500) for each day the report is withheld or the duty is not performed, but not more than ten thousand dollars ($10,000).

(c) A person who willfully fails to pay or deliver property to the administrator as required under this chapter, shall pay a civil penalty equal to twenty five percent (25%) of the value of the property that should have been paid or delivered.

(d) A person who willfully refuses after written demand by the administrator to pay or deliver property to the administrator as required under this chapter, is guilty of a misdemeanor and upon conviction may be punished by a fine of not less than one hundred dollars ($100) nor more than five hundred dollars ($500) or imprisonment for not more than six (6) months, or both.

(e) The holder in possession of property who fails to comply with the notice provisions required under subsection 33-21.1-17(e) shall pay a civil penalty of ten dollars ($10.00) for each account for which the statutory notice as required by subsection 33-21.1-17(e) is not given.

Legislative History

P.L. 1986, ch. 500, § 3; P.L. 1992, ch. 133, art. 86, § 2.