A Holder (Company) can be assessed Fines and/or Interest Penalties for Not Complying with State Unclaimed Property Laws.
1) Failure to Report and Remit Unclaimed Property.
2) Failure to Comply with the Entire State Unclaimed Property Statute.
– Interest penalty generally assessed at 10%–25% of property value
– Civil/Criminal penalties for failure to report/remit/deliver
OR filing a fraudulent report may include:
^ $100 – $200 per day ($10,000 maximum)
^ Varies from $1000 – $25,000 fine plus some States access an additional 25% of the value of the property
^ Some State laws include non-compliance as a Class B misdemeanor and/or jail term