Vermont Statutes Title 27 Sec. 1594
Terms Used In Vermont Statutes Title 27 Sec. 1594
- Administrator: means the Vermont State Treasurer. See
- Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this chapter. See
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: means tangible property described in section 1465 of this title or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality. See
§ 1594. Interest and penalty for failure to act in timely manner
(a) A holder that fails to report, pay, or deliver property within the time prescribed by this chapter shall pay to the Administrator interest at the higher of the annual rate established by the Vermont Tax Department for unpaid tax liabilities pursuant to 32 V.S.A. § 3108 or the prime rate as reported in the Money Rates section of the Wall Street Journal on the day the invoice for interest is issued by the Administrator on the property or value of the property from the date the property should have been reported, paid, or delivered to the Administrator until the date reported, paid, or delivered.
(b) Except as otherwise provided in section 1595 or 1596 of this title, the Administrator may require a holder that fails to report, pay, or deliver property within the time prescribed by this chapter to pay to the Administrator, in addition to interest included under subsection (a) of this section, a civil penalty of $200.00 for each day the duty is not performed, up to a cumulative maximum amount of $5,000.00. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)