58-3967. Interest and penalties.
58-3967
58-3967. Interest and penalties.(a) A person who willfully fails to present a report to theadministratorwhendue or to perform any other duty required by this act, other thanpayment or delivery of unclaimed property as required by this act,shall pay a civil penalty of $100 for each day the report is notpresented or the duty is not performed, except the total civil penalty shallnot exceed $5,000.
(b) A person who willfully fails to send written notice as required inK.S.A. 58-3950and amendments thereto shall pay a civil penalty not to exceed $5for each failure to send written notice to an apparent owner.
(c) A person who willfully fails to pay or deliver to the administrator anyunclaimed property as required by this act shall pay a civil penaltyequal to 25% of the value of the property that should have beenpaid or delivered.
(d) A person who fails to pay or deliver unclaimed property to theadministrator within the time period required by this act shall pay tothe administrator interest at the annual rate of 10% above theannual rate of discount, in effect on the date the property shouldhave been paid or delivered, for the most recent issue of fifty-two-week UnitedStatestreasury bills, calculated upon the value of the unclaimed propertyfrom the date that property should have been paid or delivered. Ifthe property remains unpaid or undelivered for more than one yearafter becoming payable or deliverable, the interest rate for eachsucceeding year shall be calculated at an annual rate of 10%above the discount rate on each succeeding anniversary of the datethat the unclaimed property was payable or distributable.For the purposes of assessing and calculating the penalties andinterest on unclaimed property that was discovered during anexamination or audit and that was not paid or distributed, asrequired, the date upon which the unclaimed property should have beenpaid or delivered shall be used as the date upon or from whichpenalties and interest are assessed and calculated.
(e) A person who willfully refuses after written demand by theadministrator to pay or deliver property to the administrator asrequired under this act is guilty of a class B misdemeanor.
(f) The administrator shall have discretion to waive or reduce thepayment of penalties and interest in an appropriate circumstance.
History: L. 1994, ch. 8, § 34; March 3.