2010 Tennessee Code
Title 66 - Property
Chapter 29 - Abandoned or Unclaimed Property
Part 1 - Uniform Disposition of Unclaimed (Personal) Property Act
66-29-129 - Penalties Reconsideration by treasurer Complaint.

66-29-129. Penalties Reconsideration by treasurer Complaint.

(a)  Should the treasurer find that any person who has received notice that such person is subject to this part, as reflected on the records of the treasurer, has failed to render any report or perform other duties required under this part, the treasurer shall order such person to pay to the treasurer a civil penalty of twenty-five dollars ($25.00) for each day the report is withheld or for each day the duties are not performed; provided, that the amount of such civil penalty shall not exceed one thousand dollars ($1,000).

(b)  (1)  Should the treasurer find that any person has failed to pay or deliver abandoned property to the treasurer as required under this part, the treasurer shall order such person to pay to the treasurer a civil penalty equal to ten percent (10%) of the value of the property for each year the property is not paid or delivered; provided, that the amount of such civil penalty shall not exceed twenty-five percent (25%) of the value of such property or fifty thousand dollars ($50,000) whichever is less. This civil penalty shall not apply to inadvertent omissions to pay or deliver all property reportable during a given year. For purposes of this subdivision (b)(1), an “inadvertent omission” means the failure to pay or deliver property having a value of less than ten percent (10%) of the total value of the property reportable during that year.

     (2)  Notwithstanding the provisions of subdivision (b)(1) to the contrary, if the property was identified or collected through a third party agent pursuant to § 66-29-134, the civil penalty shall equal the greater of that provided for in subdivision (b)(1) or the amount of the fees paid by the state to the third party agent for identifying or collecting such property.

(c)  The treasurer shall have the authority not to assess a penalty pursuant to this section or to waive any penalty that is assessed pursuant to this section.

[Acts 1978, ch. 561, § 28; T.C.A., §§ 64-2928, 66-29-128; Acts 1991, ch. 194, § 3; 2001, ch. 231, §§ 6, 7; 2003, ch. 248, § 3.]