(1) An individual who fails to file a report as required under this act shall pay a late filing fee of $25.00 for each business day after the first 10 business days that the report remains unfiled. The fee imposed under this subsection must not exceed $1,000.00.

    (2) A late filing fee collected under this act must be deposited into the general fund.

    (3) An individual who knowingly files an incomplete or inaccurate report in violation of this act may be ordered to pay a civil fine of not more than $2,000.00.

    (4) A late filing fee assessed or civil fine imposed under this act that remains unpaid for more than 180 days must be referred to the department of treasury for collection.

    (5) The amount of a late filing fee assessed or civil fine imposed under this act must be adjusted for inflation every 4 years using the Detroit Consumer Price Index.