§ 116B-77. Interest and penalties; waiver. - North Carolina Statutes

§ 116B‑77. Interest and penalties; waiver.

(a)        A holder who fails to report, pay, or deliver propertywithin the time prescribed by this Chapter shall pay to the Treasurer interestat the rate established pursuant to this subsection on the property or value ofthe property from the date the property should have been reported, paid, ordelivered. On or before June 1 and December 1 of each year, the Treasurer shallestablish the interest rate to be in effect during the six‑month periodbeginning on the next succeeding July 1 and January 1, respectively, aftergiving due consideration to current market conditions. If no new rate isestablished, the rate in effect during the preceding six‑month periodshall continue in effect. The rate established by the Treasurer may not be lessthan five percent (5%) per year and may not exceed sixteen percent (16%) peryear.

(b)        A holder who willfully fails to report, pay, or deliverproperty within the time prescribed by this Chapter, or willfully fails toperform other duties imposed by this Chapter, shall pay to the Treasurer, inaddition to interest as provided in subsection (a) of this section, a civilpenalty of one thousand dollars ($1,000) for each day the report, payment, ordelivery is withheld, or the duty is not performed, up to a maximum of twenty‑fivethousand dollars ($25,000), plus twenty‑five percent (25%) of the valueof any property that should have been but was not reported.

(c)        A holder who makes a fraudulent report shall pay to theTreasurer, in addition to interest as provided in subsection (a) of thissection, a civil penalty of one thousand dollars ($1,000) for each day from thedate a report under this Chapter was due, up to a maximum of twenty‑fivethousand dollars ($25,000), plus twenty‑five percent (25%) of the valueof any property that should have been but was not reported.

(d)        The Treasurer for good cause may waive, in whole or in part,interest under subsection (a) of this section and penalties under subsection(b) of this section. (1979, 2nd Sess., c. 1311, s. 1; 1989, c. 114, s. 4; 1999‑460, s.6.)