A. Any person who fails to pay or deliver property within the time prescribed by this chapter shall be required to pay to the administrator interest at the same annual rate as is applicable to delinquent taxes under § 58.1-1812 on the property or value thereof from the date the property should have been paid or delivered. Such interest rate shall vary with the rate specified in § 58.1-1812.
B. Any person who does not exercise due diligence as defined in § 55.1-2500 shall pay a civil penalty not to exceed $50 for each account upon which due diligence was not performed.
C. Except as otherwise provided in subsection D, a holder that (i) fails to report, pay, or deliver property within the time prescribed by this chapter; (ii) files a false report; or (iii) fails to perform other duties imposed by this chapter without good cause shall pay to the administrator, in addition to interest as provided in subsection A, a civil penalty of $100 for each day the report, payment, or delivery is withheld or the duty is not performed, up to a maximum of the lesser of $10,000 or 25 percent of the value of the property that should have been but was not reported.
D. A holder that (i) willfully fails to report, pay, or deliver property within the time prescribed by this chapter; (ii) willfully fails to perform other duties imposed by this chapter without good cause; or (iii) makes a fraudulent report to the administrator shall pay to the administrator, in addition to interest as provided in subsection A, a civil penalty of $1,000 for each day the report, payment, or delivery is withheld or the duty is not performed, up to a maximum of the lesser of $50,000 or 100 percent of the value of the property that should have been but was not reported.
E. The administrator for good cause may waive, in whole or in part, interest under subsection A and penalties under subsections B, C, and D. All civil penalties shall be payable to the State Treasurer and credited to the Literary Fund.
1984, c. 121, § 55-210.26:1; 1988, c. 378; 1992, c. 583; 2000, cc. 733, 745; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 25 - Virginia Disposition of Unclaimed Property Act
§ 55.1-2501. Property presumed abandoned; general rule
§ 55.1-2502. Taking custody of intangible unclaimed property; general rules
§ 55.1-2503. Bank deposits and funds in financial organizations
§ 55.1-2504. Traveler's checks and money orders
§ 55.1-2506. Contents of safe deposit box or other safekeeping repository
§ 55.1-2507. Funds owing under life insurance policies
§ 55.1-2508. Intangible personal property held by insurance corporation subject to § 55.1-2501
§ 55.1-2509. Unclaimed demutualization proceeds
§ 55.1-2510. Deposits held by utilities
§ 55.1-2511. Intangible interest in business association
§ 55.1-2512. Refunds held by business associations
§ 55.1-2513. Property of business associations held in course of dissolution
§ 55.1-2514. Intangible personal property held in fiduciary capacity
§ 55.1-2515. Gift certificates and credit balances
§ 55.1-2517. Intangible property held for owner by public agency
§ 55.1-2518. Property held by courts
§ 55.1-2519. Responsibilities of general receiver and clerk
§ 55.1-2520. Employee benefit trust distribution
§ 55.1-2521. Holder of tangible or intangible personal property may voluntarily report such property
§ 55.1-2522. Certain property not presumed abandoned in the Commonwealth
§ 55.1-2523. Interstate agreements and cooperation
§ 55.1-2525. Notices to be published by administrator
§ 55.1-2527. Crediting of dividends, interest, or increments to owner's account
§ 55.1-2528. Periods of limitation
§ 55.1-2529. Sale of abandoned property by administrator
§ 55.1-2530. Securities received in name of owner
§ 55.1-2531. Disposition of funds received under chapter; records to be kept by administrator
§ 55.1-2532. Filing claim to property or proceeds of sale of such property
§ 55.1-2533. Consideration of and hearing on claim by administrator; payment; interest
§ 55.1-2534. Judicial review of decision of administrator
§ 55.1-2536. Requests for verified reports and examinations of records
§ 55.1-2537. Retention of records
§ 55.1-2538. Confidentiality of information and records
§ 55.1-2539. Enforcement of chapter
§ 55.1-2540. Interest and penalties
§ 55.1-2541. Determinations; appeal procedures; regulations of administrator
§ 55.1-2542. Agreements to locate reported property; penalty
§ 55.1-2543. Property presumed abandoned or escheated under laws of another state
§ 55.1-2544. Property held or payable pursuant to Title 51.1