With California having the most aggressive fines & interest penalties for Holder non-compliance, here’s what you can expect:
• California may assess a 12% per annum interest penalty for past due or late property received or remitted.
• A fine may be assessed by the courts for willfully failing to report or remit property or filing a fraudulent report.
︎ $100 per day fine ($10,000 maximum) for failure to report property.
︎ $5,000 – $10,000 fine for refusing to deliver property to the State.
• For Remittances $2,000. or greater in any form other than Electronic Funds Transfer (EFT)
︎ A 2% Civil penalty shall be assessed.
All States have statutes for penalties & interest written in their Laws. However, not all States are consistent in assessing their penalties or interest consistently.
For further information regarding penalties and interest for Holder non-compliance, please feel free to reach out to PEACC at 410.303.5510 or email us at info@peacc.com.
