58-3967. Interest and penalties. (a) A person who willfully fails to present a report to the administrator when due or to perform any other duty required by this act, other than payment or delivery of unclaimed property as required by this act, shall pay a civil penalty of $100 for each day the report is not presented or the duty is not performed, except the total civil penalty shall not exceed $5,000.
(b) A person who willfully fails to send written notice as required in K.S.A. 58-3950, and amendments thereto, shall pay a civil penalty not to exceed $5 for each failure to send written notice to an apparent owner.
(c) A person who willfully fails to pay or deliver to the administrator any unclaimed property as required by this act shall pay a civil penalty equal to 25% of the value of the property that should have been paid or delivered.
(d) A person who fails to pay or deliver unclaimed property to the administrator within the time period required by this act shall pay to the administrator interest at the annual rate of 10% above the annual rate of discount, in effect on the date the property should have been paid or delivered, for the most recent issue of 52-week United States treasury bills, calculated upon the value of the unclaimed property from the date that property should have been paid or delivered. If the property remains unpaid or undelivered for more than one year after becoming payable or deliverable, the interest rate for each succeeding year shall be calculated at an annual rate of 10% above the discount rate on each succeeding anniversary of the date that the unclaimed property was payable or distributable. For the purposes of assessing and calculating the penalties and interest on unclaimed property that was discovered during an examination or audit and that was not paid or distributed, as required, the date upon which the unclaimed property should have been paid or delivered shall be used as the date upon or from which penalties and interest are assessed and calculated.
(e) The administrator shall have discretion to waive or reduce the payment of penalties and interest in an appropriate circumstance.
History: L. 1994, ch. 8, § 34; L. 2014, ch. 105, § 2; July 1.
Structure Kansas Statutes
Chapter 58 - Personal And Real Property
Article 39 - Disposition Of Unclaimed Property Act
58-3935 Property presumed abandoned; when; general rule.
58-3936 General rules for taking custody of intangible unclaimed property.
58-3938 Burden of proof as to property evidenced by record of check or draft.
58-3943 Stock and other intangible interests in business associations.
58-3949 Contents of safe deposit box or other safekeeping repository.
58-3950 Report of abandoned property.
58-3951 Advertising of unclaimed property; information required.
58-3952 Payment or delivery of abandoned property.
58-3954 Crediting of dividends, interest, or increments to owner's account.
58-3955 Public sale of abandoned property; exceptions.
58-3957 Filing of claim with administrator.
58-3958 Claim of another state to recover property; procedure.
58-3959 Action to establish claim.
58-3960 Election to take property or delivery.
58-3962 Periods of limitation.
58-3963 Requests for reports and examination of records.
58-3966 Interstate agreements and cooperation; joint and reciprocal actions with other states.
58-3967 Interest and penalties.
58-3968 Agreement to locate reported property.
58-3970 Effect of new provisions; clarification of application.
58-3971 Rules and regulations.
58-3973 Uniformity of application and construction.
58-3974 Act not applicable in certain instances.
58-3975 Application to certain intangible property originating or issued in Kansas.
58-3976 Government agency cooperation.
58-3979 United States savings bonds; unclaimed property; escheat; procedure.