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Indiana Code Title 32. Property § 32-34-1.5-71

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 71. (a) A holder that fails to report, pay, or deliver property within the time prescribed by this chapter shall pay to the attorney general interest at the following rates:

(1) The annual interest rate for a period of one (1) year or less after the time required by this chapter for reporting, payment, or delivery of property is the one (1) year Treasury Bill rate published in The Wall Street Journal or its successor on the third Tuesday of the month in which the remittance was due, plus one (1) percentage point.

(2) The interest rate for each year after the initial year to which subdivision (1) applies is the one (1) year Treasury Bill rate published in The Wall Street Journal or its successor on the third Thursday of the month immediately preceding the anniversary of the due date, plus one (1) percentage point.

(b) Except as otherwise provided in sections 72 and 73 of this chapter, the attorney general may require a holder that fails to report, pay, or deliver property within the time prescribed by this chapter to pay to the attorney general, in addition to interest under subsection (a), a civil penalty of two hundred dollars ($200) for each day the duty is not performed, up to a cumulative maximum of five thousand dollars ($5,000).

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Cite this article: FindLaw.com - Indiana Code Title 32. Property § 32-34-1.5-71 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-32-property/in-code-sect-32-34-1-5-71/

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