Sec. 3-65b. Assessment of interest penalty for failure to report or deliver abandoned property as required. Exceptions.
Sec. 3-65b. Assessment of interest penalty for failure to report or deliver abandoned property as required. Exceptions. (a) Any person who fails to report or deliver
abandoned property within the time prescribed by this part shall pay interest to the
Treasurer on such property or the value thereof at the rate of fifteen per cent per annum
from the date such property should have been reported or delivered or December 22,
1981, whichever is later. The Treasurer upon a showing of a good faith effort to comply
with this part, may waive the interest prescribed in this section.
(b) Notwithstanding the provisions of subsection (a) of this section, any person
who, prior to August 16, 2003, failed to report or deliver abandoned gift certificates to
the Treasurer shall not be liable to the Treasurer for interest or any other penalty relating
to such failure.
(Nov. Sp. Sess. P.A. 81-1, S. 9, 10; P.A. 05-189, S. 3.)
History: P.A. 05-189 designated existing provisions as Subsec. (a) and added Subsec. (b) re failure to report or deliver
abandoned gift certificates prior to August 16, 2003.