(a) A holder who fails to report, pay or deliver property within the time prescribed by the Uniform Unclaimed Property Act (1995) shall pay to the administrator interest at the annual rate set forth in Section 7-1-67 NMSA 1978 on the property or value thereof from the date the property should have been reported, paid or delivered.
(b) Except as otherwise provided in Subsection (c) of this section, a holder who fails to report, pay or deliver property within the time prescribed by the Uniform Unclaimed Property Act (1995), or fails to perform other duties imposed by that act, shall pay to the administrator, in addition to interest as provided in Subsection (a) of this section, a civil penalty of one hundred dollars ($100) for each day the report, payment or delivery is withheld, or the duty is not performed, up to a maximum of five thousand dollars ($5,000).
(c) A holder who willfully fails to report, pay or deliver property within the time prescribed by the Uniform Unclaimed Property Act (1995), or willfully fails to perform other duties imposed by that act, shall pay to the administrator, in addition to interest as provided in Subsection (a) of this section, a civil penalty of two hundred fifty dollars ($250) for each day the report, payment or delivery is withheld, or the duty is not performed, up to a maximum of seven thousand five hundred dollars ($7,500), plus twenty-five percent of the value of any property that should have been but was not reported.
(d) A holder who makes a fraudulent report shall pay to the administrator, in addition to interest as provided in Subsection (a) of this section, a civil penalty of five hundred dollars ($500) for each day from the date a report under the Uniform Unclaimed Property Act (1995) was due, up to a maximum of twelve thousand five hundred dollars ($12,500), plus twenty-five percent of the value of any property that should have been but was not reported.
(e) The administrator for good cause may waive, in whole or in part, penalties under Subsections (b) and (c) of this section, and shall waive penalties if the holder acted in good faith and without negligence.
History: Laws 1997, ch. 25, § 24.
Effective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 24 effective July 1, 1997.
Structure 2021 New Mexico Statutes
Article 8A - Uniform Unclaimed Property Act
Section 7-8A-2 - Presumptions of abandonment.
Section 7-8A-3 - Contents of safe deposit box or other safekeeping depository.
Section 7-8A-4 - Rules for taking custody.
Section 7-8A-5 - Dormancy charge.
Section 7-8A-6 - Burden of proof as to property evidenced by record of check or draft.
Section 7-8A-7 - Report of abandoned property.
Section 7-8A-8 - Payment or delivery of abandoned property.
Section 7-8A-9 - Notice and publication of lists of abandoned property.
Section 7-8A-10 - Custody by state; recovery by holder; defense of holder.
Section 7-8A-10.1 - Exercise of due diligence; liability; notice.
Section 7-8A-11 - Crediting of dividends, interest and increments to owner's account.
Section 7-8A-12 - Public sale of abandoned property.
Section 7-8A-13 - Deposit of funds.
Section 7-8A-14 - Claim of another state to recover property.
Section 7-8A-15 - Filing claim with administrator; handling of claims by administrator.
Section 7-8A-16 - Appeal; action to establish claim.
Section 7-8A-17 - Election to take payment or delivery.
Section 7-8A-19 - Periods of limitation.
Section 7-8A-20 - Requests for reports and examination of records.
Section 7-8A-21 - Retention of records.
Section 7-8A-22 - Enforcement.
Section 7-8A-24 - Interest and penalties.
Section 7-8A-25 - Agreement to locate property.
Section 7-8A-26 - Foreign transactions.
Section 7-8A-27 - Transitional provisions.
Section 7-8A-29 - Uniformity of application and construction.