(a) If a holder enters into a contract or other arrangement for the purpose of evading an obligation under this part, or otherwise willfully fails to perform a duty imposed on the holder under this part, the treasurer may assess against the holder a civil penalty of one thousand dollars ($1,000) for each day the obligation is evaded or the duty is not performed, up to a cumulative maximum amount of twenty-five thousand dollars ($25,000), plus an additional twenty-five percent (25%) of the amount or value of any property for which the holder had a duty or obligation to report, pay, or deliver under this part.
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Terms Used In Tennessee Code 66-29-174

  • Contract: A legal written agreement that becomes binding when signed.
  • Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner of property that is subject to this part. See Tennessee Code 66-29-102
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Property: means tangible property described in §. See Tennessee Code 66-29-102
  • Treasurer: means the state treasurer. See Tennessee Code 66-29-102
(b) If a holder makes a fraudulent report under this part, the treasurer may assess against the holder a civil penalty of one thousand dollars ($1,000) for each day from the date the fraudulent report was filed until a true and correct report is filed, up to a cumulative maximum of twenty-five thousand dollars ($25,000), plus an additional twenty-five percent (25%) of the amount or value of any property for which the holder had duty to report.
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