46:30B-105 - Penalty for willful failure to report, pay or deliver property - New Jersey Statutes

46:30B-105  Penalty for willful failure to report, pay or deliver property.

46:30B-105.  Penalty for willful failure to report, pay or deliver property.  A holder who willfully fails to report, pay, or deliver property within the time prescribed by chapter 30B of Title 46 of the Revised Statutes, shall pay to the administrator, in addition to the interest provided in R.S.46:30B-103, a penalty of $1,000 for each day the report, payment, or delivery is withheld, or the duty is not performed, up to a maximum of $250,000, plus 25% of the value of any property that should have been but was not reported.

For the purpose of this section, a willful failure to report includes the filing of a report which is plainly inaccurate, incomplete, or out of balance and the same is not corrected by the holder within six months after its original due date.

L.1989, c.58, s.1; amended 2002, c.35, s.66.