2022 Vermont Statutes
Title 27 - Property
Chapter 18 - Unclaimed Property
§ 1594. Interest and penalty for failure to act in timely manner
§ 1594. Interest and penalty for failure to act in timely manner
(a) A holder that fails to report, pay, or deliver property within the time prescribed by this chapter shall pay to the Administrator interest at the higher of the annual rate established by the Vermont Tax Department for unpaid tax liabilities pursuant to 32 V.S.A. § 3108 or the prime rate as reported in the Money Rates section of the Wall Street Journal on the day the invoice for interest is issued by the Administrator on the property or value of the property from the date the property should have been reported, paid, or delivered to the Administrator until the date reported, paid, or delivered.
(b) Except as otherwise provided in section 1595 or 1596 of this title, the Administrator may require a holder that fails to report, pay, or deliver property within the time prescribed by this chapter to pay to the Administrator, in addition to interest included under subsection (a) of this section, a civil penalty of $200.00 for each day the duty is not performed, up to a cumulative maximum amount of $5,000.00. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
