§ 33-21.1-34. Interest and penalties.
(a) A person who fails to pay or deliver property within the time prescribed by this chapter may be required to pay to the administrator interest at the annual rate of twelve percent (12%) 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 fifty-two (52) week United States Treasury bills on the property or value thereof from the date the property should have been paid or delivered.
(b) A person who willfully fails to render any report or perform other duties required under this chapter shall pay a civil penalty of not less than one hundred dollars ($100) nor more than five hundred dollars ($500) for each day the report is withheld or the duty is not performed, but not more than ten thousand dollars ($10,000).
(c) A person who willfully fails to pay or deliver property to the administrator as required under this chapter, shall pay a civil penalty equal to twenty five percent (25%) of the value of the property that should have been paid or delivered.
(d) A person who willfully refuses after written demand by the administrator to pay or deliver property to the administrator as required under this chapter, is guilty of a misdemeanor and upon conviction may be punished by a fine of not less than one hundred dollars ($100) nor more than five hundred dollars ($500) or imprisonment for not more than six (6) months, or both.
(e) The holder in possession of property who fails to comply with the notice provisions required under subsection 33-21.1-17(e) shall pay a civil penalty of ten dollars ($10.00) for each account for which the statutory notice as required by subsection 33-21.1-17(e) is not given.
History of Section.P.L. 1986, ch. 500, § 3; P.L. 1992, ch. 133, art. 86, § 2.
Structure Rhode Island General Laws
Title 33 - Probate Practice and Procedure
Chapter 33-21.1 - Unclaimed Intangible and Tangible Property
Section 33-21.1-1. - Definitions and use of terms.
Section 33-21.1-2. - Property presumed abandoned.
Section 33-21.1-2.1. - United States savings bonds unclaimed property escheat procedure.
Section 33-21.1-3. - General rules for taking custody of intangible unclaimed property.
Section 33-21.1-4. - Travelers checks and money orders.
Section 33-21.1-6. - Bank deposits and funds in financial organizations.
Section 33-21.1-7. - Funds owing under life insurance policies.
Section 33-21.1-8. - Deposits held by utilities.
Section 33-21.1-9. - Refunds held by business associations.
Section 33-21.1-10. - Stock and other intangible interests in business associations.
Section 33-21.1-11. - Repealed.
Section 33-21.1-12. - Property held by agents and fiduciaries.
Section 33-21.1-13. - Property held by courts and public agencies.
Section 33-21.1-14. - Gift certificates and credit memos.
Section 33-21.1-14.1. - Property held by police departments.
Section 33-21.1-16. - Contents of safe deposit box or other safekeeping repository.
Section 33-21.1-16.1. - Unclaimed demutualization proceeds.
Section 33-21.1-17. - Report of abandoned property.
Section 33-21.1-18. - Notice and publication of lists of abandoned property.
Section 33-21.1-19. - Payment or delivery of abandoned property.
Section 33-21.1-21. - Crediting of dividends, interest or increments to owner’s account.
Section 33-21.1-22. - Public sale of abandoned property.
Section 33-21.1-23. - Deposit of funds.
Section 33-21.1-24. - Filing of claim with administrator.
Section 33-21.1-25. - Claim of another state to recover property; procedure.
Section 33-21.1-26. - Action to establish claim.
Section 33-21.1-27. - Election to take payment or delivery.
Section 33-21.1-28.1. - Disposition of “de minimis” property.
Section 33-21.1-29. - Limitation periods.
Section 33-21.1-30. - Requests for reports and examination of records.
Section 33-21.1-31. - Retention of records.
Section 33-21.1-32. - Enforcement.
Section 33-21.1-34. - Interest and penalties.
Section 33-21.1-35. - Agreement to locate reported property.
Section 33-21.1-36. - Foreign transactions.
Section 33-21.1-37. - Effect of new provisions — Clarification of application.
Section 33-21.1-39. - Severability.
Section 33-21.1-40. - Uniformity of application and construction.