2019 US Virgin Islands Code
Title 28 - Property
Chapter 29 - Uniform Unclaimed Property Act
§ 675. Interest and penalties

Universal Citation: V.I. Code tit. 28, § 675 (2019)
Previous Next

  • (a) A holder who fails to report, pay, or deliver property within the time prescribed by this chapter shall pay to the administrator interest at the annual rate of nine percent on the property or value thereof from the date the property should have been reported, paid or delivered.

  • (b) Except as otherwise provided in subsection (c), a holder who fails to report, pay, or deliver property within the time prescribed by this chapter, or fails to perform other duties imposed by this chapter shall pay to the administrator, in addition to interest as provided in subsection (a), a civil penalty of $200 for each day the report, payment, or delivery is withheld, or the duty is not performed, up to a maximum of $5,000.

  • (c) A holder who willfully fails to report, pay, or deliver property within the time prescribed by this chapter, or willfully fails to perform other duties imposed by this chapter, shall pay to the administrator, in addition to interest as provided in subsection (a), a civil penalty of $1,000 for each day the report, payment, or delivery is withheld, or the duty is not performed, up to a maximum of $25,000, plus 25 percent of the value of any property that should have been but was not reported.

  • (d) A holder who makes a fraudulent report shall pay to the administrator, in addition to interest as provided in subsection (a), a civil penalty of $1,000 for each day from the date a report under this chapter was due, up to a maximum of $25,000, plus 25 percent of the value of any property that should have been but was not reported.

  • (e) The administrator for good cause may waive, in whole or in part, interest under subsection (a) and penalties under subsections (b) and (c), and shall waive penalties if the holder acted in good faith and without negligence.

Previous Next
Disclaimer: These codes may not be the most recent version. US Virgin Islands may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.