Wyoming § 34-24-135 Interest and penalties

Wyoming Statutes

§ 34-24-135 — Interest and penalties

Wyoming·Title 34 Property, Conveyances and Security Transactions·Ch. 24 UNIFORM UNCLAIMED PROPERTY ACT

(a)Unless specifically exempted by federal law:

(i)A person who willfully fails to present a report to the administrator when due or to perform any other duty required under this act, other than payment or delivery of unclaimed property as required by this act, shall pay a civil penalty of not more than one hundred dollars ($100.00) for each day the report is not presented or the duty is not performed;

(ii)A person who willfully fails to pay or deliver to the administrator any unclaimed property as required under this act shall pay a civil penalty equal to twenty-five percent (25%) of the value of the property that should have been paid or delivered;

(iii)Any person who fails to pay or deliver unclaimed property to the administrator within the time period required by this act shall pay

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(a) Unless specifically exempted by federal law:
(i) A person who willfully fails to present a report
to the administrator when due or to perform any other duty
required under this act, other than payment or delivery of
unclaimed property as required by this act, shall pay a civil
penalty of not more than one hundred dollars ($100.00) for each
day the report is not presented or the duty is not performed;
(ii) A person who willfully fails to pay or deliver
to the administrator any unclaimed property as required under
this act shall pay a civil penalty equal to twenty-five percent
(25%) of the value of the property that should have been paid or
delivered;
(iii) Any person who fails to pay or deliver
unclaimed property to the administrator within the time period
required by this act shall pay to the administrator interest at
the annual rate of ten percent (10%) 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 52-week U.S.
treasury bills, calculated upon the value of the unclaimed
property from the date that property should have been paid or
delivered. If the property remains unpaid or undelivered for
more than one (1) year after becoming payable or deliverable,
the interest rate for each succeeding year shall be calculated
at an annual rate of ten percent (10%) above the discount rate
on each succeeding anniversary of the date that the unclaimed
property was payable or distributable.
(b) For the purposes of assessing and calculating the
penalties and interest on unclaimed property which was
discovered during an examination or audit and which was not paid
or distributed, as required, the date upon which the unclaimed
property was originally payable or distributable shall be used
as the date upon or from which penalties and interest are
assessed and calculated.
(c) The administrator shall have discretion to waive the
payment of penalties and interest or to reduce the amount of the
interest in an appropriate circumstance.